Abstract: Research Objectives: This paper is to measure and evaluate financial inclusion and its service level to different target groups in China. Research Methods: Based on the 2017 Global Findex database, this paper uses two internal characteristics (age, gender) and three external characteristics (income level, educational level, employment status) to classify the target groups, and then analyses the differences of the use of formal and informal financial services and digital financial services among different groups in the current process of China’s financial inclusion by constructing the Probit model. Research Findings: Firstly, formal finance in China has relatively limited inclusiveness for young people and women, informal finance and digital finance enhance the possibility of using financial services for these two groups to a certain extent, but they can’t promote the use of financial services for the elderly; Secondly, lower level of income leads to more dependence of Chinese residents on informal finance, and the emergence of digital finance has not changed this situation; Finally, the improvement of education and employment can promote financial inclusion, but this role needs to be further enhanced. Research Innovations: This paper incorporates informal finance and digital finance into the research process of financial inclusion and investigates its service level from the micro-perspective of different target groups. Research Values: This paper recognizes the service level of financial inclusion to different target groups, and provides decision-making reference to promote financial inclusion pertinently.

Key Words: Financial Inclusion ;Informal Finance; Digital Finance; Internal Characteristics; External Characteristics