We investigate the channels through which financial inclusion can be achieved in China. The Partial Least Squares approach to Structural Equation Modelling is used to analyse the relationships among financial literacy, Internet usage, digital financial products usage, and financial inclusion. We show that Internet usage has no direct impact on financial inclusion. Rather, the direct impact comes from the level of financial literacy and the use of digital financial products, which are advanced by popularity of the Internet. Internet usage and digital financial products usage play a multiple mediation role between financial literacy and financial inclusion. We conclude that to achieve the goal of advancing financial inclusion, Chinese policymakers should improve the consumers’ financial literacy and promote the use of digital financial products.

As data product transactions become increasingly standardized, the operational strategies of data product manufacturers and service providers play a pivotal role in shaping market outcomes. This study develops a game-theoretic framework that incorporates dynamic data updates under alternative power structures to examine the equilibrium performance of pricing, demand, technological investment, update rates, and promotional effort. The results indicate that optimal prices under Stackelberg leadership exceed those in the Nash game, whereas demand, technological investment, update frequency, and promotion are consistently higher in the Nash setting. The effects of these decisions are moderated by end-user preference heterogeneity: when users exhibit stronger promotion preferences, service-provider leadership generates superior outcomes, while stronger quality preferences favor manufacturer leadership. Demand preferences and cost coefficients significantly influence profitability—enhanced preferences improve the leader’s returns, whereas high technological and promotional costs suppress profits for both parties. Cost savings in dynamic updates and increases in perceived value exert strong positive effects on market competitiveness, while higher update investment and data acquisition costs exert negative effects. Overall, this study deepens the theoretical understanding of how power structures interact with dynamic updating and user preferences, providing analytical insights and decision support for optimizing operational strategies in data product markets.

Using data from the China Household Finance Survey, this study examines how digital financial literacy relates to household consumption. Digital financial literacy is positively associated with total consumption expenditure, especially among low-income households. Borrowing is the main pathway linking digital financial literacy to consumption, while investment and insurance play smaller roles. In contrast, the evidence for a systematic shift in the full consumption structure is not robust. The study suggests that digital financial literacy programmes can serve as an effective demand-side tool for household consumption, especially for low-income groups, but achieving structural changes in consumption likely requires complementary policies in education, health, and culture. Facilitating responsible digital credit access and building trust in digital insurance products are important for the link between digital financial literacy and higher household consumption.