Abstract: Research Objectives: To investigate the impact of rural financial agglomeration on rural residents' consumption from the spatial dimension. Research Methods: Based on the panel data of 30 provinces and 4 regions from 2009 to 2018, this paper constructs a spatial Durbin model to estimate the spatial effect of financial agglomeration, that is, how the rural residents' consumption in a specific region is related to the financial agglomeration in this region and adjacent regions. Research Findings: At the provincial level, rural residents' consumption is significantly affected not only by the rural financial agglomeration of the province, but also by the spatial spillover of neighboring provinces; the regional test shows that: on the one hand, the eastern and northeastern regions are significantly affected by the regional financial agglomeration, while the central and western regions are not. This regional difference is consistent with the impact of rural residents' income on consumption, but the impact of rural residents' income is greater. On the other hand, rural residents' consumption in central, western and northeast regions is significantly affected by the spillover effect of financial agglomeration in neighboring regions, but not in the eastern region. The above shows that: firstly, rural financial development has an important impact on rural residents' consumption; secondly, low rural residents' income will weaken the promotion effect of financial development on consumption, and increasing rural residents' income is the fundamental to enhance consumption; thirdly, strengthening financial cooperation between backward and developed areas is conducive to achieving win-win results. Research Innovations: This paper introduces the spatial effect into the research on the impact of rural financial agglomeration on rural residents' consumption, and explores the spatial characteristics and relevance of the impact. Research Value: This paper makes a more comprehensive evaluation on the consumption promotion effect of rural financial agglomeration, and provides a starting point for the policy formulation and implementation of rural finance to promote rural residents' consumption.

Keyword: Financial Agglomeration; Rural Residents' Consumption; Dubin Model; Spatial Effect