Digital Finance Affects the Consumption Path of Urban Digital Finance and Residents: the Expansion of Digital Finance to Consumption in the Perspective of Space Spillover

The current study looks into how the digital finance path of urban digital finance an resident's goals put forward by sustainable development as a result of the heavy use of natural resources. Panel data for China's provinces from 1998 to 2018 is used in this study. In order to investigate the relationship between carbon emissions and resource use, the study uses a cross-sectionally augmented autoregressive distributed lags (CS-ARDL) model. The main findings show that the positive effect is significant for low population development distributions (0.3-0.5) and moderate to large power usage distributions (0.54-0.97). It has been noted that growth in the development of digital finance, consumption path of urban digital finance and residents, and energy resources are posing major environmental risks, such as digital finance. Additionally, the study's empirical findings showed results of the FGLS model demonstrate that urban digital finance (depth) residents have a substantial inverse relationship with digital finance. Accordingly, at a 10% level of significance, a 1% increase in digital finance will result in a 0.0768% fall in the consumption path of urban digital finance and residents. Our empirical findings illuminate the need for coordinated urban digital finance (depth) digital transformation and digital development in China's provinces.