Abstract:The rapid development of digital financial inclusion provides an opportunity to promote the reform of rural financial system and improve farmers’ access to credit. By using Digital Inclusive Financial Index of Peking University and 20142018 China Family Panel Studies (CFPS),this paper finds that the development of digital financial inclusion significantly increases the access to and the scale of formal credit. That results remain robust after robustness test using Biprobit,CMP and overcoming potential endogenous effect through IVprobit and LPM. However,it is found that digital financial inclusion has negative impact on farmers’ access to informal credit but this impact is not significant. Further research shows that it improves the farmers’ access to formal credit mainly by reducing transaction costs,information asymmetry and collateral requirements. The analysis of heterogeneity shows that the development of digital financial inclusion has a greater effect on the credit access to farmers with much higher or lower income,but it does not have a significant impact on middle-income farmers. Therefore,it is necessary to strengthen the rural Internet infrastructure,improve farmers’ skills of using Internet and credit accumulation,and pay more attention to the interests of middle-income farmers.