FinTech ecosystem driven economic growth in China under the new normal: from the perspective of households

Zhou, Wangning

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Zhou, Wangning (2026) FinTech ecosystem driven economic growth in China under the new normal: from the perspective of households. Doctoral thesis, London Metropolitan University.

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Abstract

In the context of rapid economic transition and digital transformation, understanding household financial behaviour in China has become increasingly important for both academic research and public policy. This thesis examines how economic policy uncertainty, digital finance, and income volatility shape Chinese households’ consumption, portfolio choice, and leverage behaviour.
This thesis consists of three interconnected essays that make an original contribution to the household finance literature by examining how policy uncertainty, digital finance, and income instability interact within the specific institutional and technological context of China. The first essay examines the effect of Economic Policy Uncertainty (EPU) on household consumption decisions and shows that rising uncertainty reduces discretionary spending and strengthens precautionary saving, with stronger effects among lower-income households. The second essay investigates how Digital Finance (DF), particularly mobile payments, influences household consumption patterns and financial decision-making, showing that digital financial tools reduce transaction frictions and broaden financial participation, while also raising concerns related to inequality, data governance, and financial capability. The third essay explores the relationship between household income volatility, leverage, and consumption stability, demonstrating that unstable income can increase households’ reliance on debt and weaken their financial resilience.
Taken together, these essays make an original contribution to the household finance literature by providing an integrated explanation of how uncertainty, FinTech, and income risk jointly influence household financial behaviour in China. The findings also offer policy implications for consumer protection, financial literacy, digital inclusion, and the design of more stable and predictable economic policies so that financial innovation can translate into sustainable improvements in household welfare.

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