Study on the Mechanism, Dilemmas and Paths of Financial Empowerment for the Innovation and Sustainable Development of Urban Consumption Spaces

Abstract

Based on the theory of financial empowerment, this study systematically explores the mechanism, practical dilemmas and optimization paths of financial empowerment on the innovation and sustainable development of urban consumption spaces, using panel data from 35 large and medium-sized cities across China from 2018 to 2023 and micro-survey data from 200 consumption space operation enterprises. The research shows that the total effect of financial empowerment on the innovation of urban consumption spaces is significant: for every 100 million yuan increase in the scale of green credit, the number of green renovation projects in consumption spaces increases by 0.82; for every 10% increase in the coverage rate of digital finance, the growth rate of online-offline integration projects in consumption spaces reaches 6.7%; and for every 10% increase in the penetration rate of inclusive finance, the survival rate of innovation projects in small and medium-sized consumption spaces rises by 12.3%.At present, the development of urban consumption spaces faces three core dilemmas: first, imbalanced financing structure—indirect financing accounts for more than 75%, and the single financing model relying on bank credit cannot meet the long-term construction and operation needs of consumption spaces, with insufficient application of direct financing tools such as equity financing and asset securitization. Second, high costs of green transformation—the average cost of green renovation of consumption spaces (e.g., upgrading energy-saving equipment, building low-carbon scenarios) is 25% higher than that of traditional renovation, making it difficult for small and medium-sized operation enterprises to afford transformation investment due to financial pressure. Third, superficial application of digital finance—the digitalization rate of small and medium-sized consumption spaces is only 32%, and most of them remain at the basic payment level, failing to achieve in-depth integration of "digital finance + consumption scenarios" (e.g., intelligent passenger flow analysis, personalized service push).To address these issues, this study proposes a three-dimensional optimization path of "diversified financing + green tools + digital empowerment": on the financing side, construct a diversified system of "bank credit + REITs + industrial funds" and encourage consumption space projects to issue public infrastructure REITs to achieve a virtuous cycle of funds; on the green transformation side, innovate tools such as green credit interest subsidies and carbon asset pledge loans to reduce the financing cost of green renovation; on the digital integration side, promote joint development of "scenario-based digital financial products" by financial institutions and consumption space operators, such as credit loans based on consumption data and installment services adapted to online-offline integration. This research can provide theoretical support and practical paradigms for consumption upgrading and sustainable economic growth under the background of new-type urbanization.