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Research on the System Imbalance between Supply and Demand in China’s Rural Financial Development

Author: ZhuangHuiBin
Tutor: XuChuanZuo
School: Jilin University
Course: Institutional Economics
Keywords: Rural finance the Formal financial system the Informal financial system the System imbalance between supply and demand
CLC: F832.35
Type: PhD thesis
Year: 2008
Downloads: 1499
Quote: 2
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Abstract


Resolving the“Three-dimensional Rural Issues”to guarantee the long-term stability of China’s national economy growth, the overall coordination of regional economic development, as well as narrowing the gap between rich and poor, promoting the integration process of urban and rural areas is extremely important strategic significance. To solve the“Three- dimensional Rural Issues”, the key is to solve the shortage of funds and irrational allocation, and the rural finance as the most important elements of the capital allocation system, which is increasingly significant role in the development of the rural economy, because the continued development of the rural economy, the income growth of farmers, rural industrial structure adjustment, the process of urbanization in rural areas and the coordinated development of urban and rural, are all inseparable from the rural financial support.However, in terms of the current development level of China’s rural finance, which is far from satisfying the needs of rural economic development, financial performance for the urban and rural development is highly unbalanced and financial structure of binary very prominent, and rural finance has been seriously marginalized, the rural financial inhibition is a serious problem, resulting in the level of rural financial development seriously lagged behind and increasingly serious contradiction between supply and demand. Therefore, how to accelerate the rural financial development has been the most important one focus on the resolution of China’s“Three-dimensional Rural Issues”.This article holds that the development of rural finance has the inherent characteristics of the system, which is not simply financial issues, which includes more of institutional changes content. Furthermore, from the development process of China’s rural financial terms, although the state have also adopted a series of reform measures to resolve the problem of rural financial development lags in order to change the plight of the rural financial development. However, all the reform measures will be limited to within the existing financial structure repair, and not in accordance with the principles of market economy, according to the changes in external economic environment, to develop a function to achieve financial rules, the financial system, and financial concrete forms, and to optimize financial structure. Rural Finance has not been resolved the core issues of development, the so-called core supporting rural finance is the sound development of system infrastructure.Therefore, this article holds that simply thinking that financial development lag behind in rural areas as of the low level of economic development in rural areas with high risk, or the ideas that only suitable for policy finance or civil cooperative finance are one-sided. Study on rural finance development lags behind, not only in systems and institutions of the“surface”, should explore the underlying causes of problems, should divert to a deeper level of“the system”to find reasons.This article firstly analyzes of the current status of China’s rural financial system imbalance between supply and demand, propose the standards to measure the rural financial system imbalance between supply and demand: adaptability standards, efficiency standards and completeness of the standards, and discuss the performance of China’s rural financial system imbalance between supply and demand and the major impact on the rural financial development from the three criteria. In order to enhance the credible judge of there is a serious imbalance between supply and demand of China’s rural financial system, the article make a theoretical determination for China’s rural financial system imbalance between supply and demand by the institutional balance theory of supply and demand.Then the article uses all kinds of statistics and empirical analyzes to prove that China’s rural financial market lags behind the development seriously under the condition of the system imbalance between supply and demand, for the financial performance of shallow, efficiency loss and the total lack. As for the financial development, according to the financial development theory and the new institutional economics theory, the building of an effective financial system is the prerequisite to achieve effective allocation of financial resources, as an important endogenous variable, the system plays a decisive role for the development and function of rural financial markets. Thus, the article argues that the imbalance between supply and demand of system is the root causes for China’s rural financial development lags behind.As the rural financial organizations can be divided into the formal finance and informal finance, the imbalance between supply and demand of financial system can show the imbalance between supply and demand for the formal financial system and the imbalance between supply and demand for the informal financial system with a corresponding. Therefore, the article analyzes on the reasons for the imbalance between supply and demand of China’s rural financial system from two aspects of formal financial system and informal financial system.As for the imbalance between supply and demand issues of the rural formal financial system, the article analyzes the profit and loss situation of the main stakeholders in rural financial reform process, and use the system game analyzes, analyzes the inherent logic for central government why choose the mandatory mode of system supply through game model, proves that rural formal financial system supply form is decided by the outcome of the game between the central government and local governments. Because the country plays a leading role in the rural formal financial system supply always, resulting in the real rural financial services demand– farmer class and small and medium enterprises will not be able to demonstrate, resulting in the financial system detached from the supply and demand. In addition, by the analyzes of the case of the rural credit cooperatives“Spend Money to Buy Mechanism”reform, the article argues that the Government can not resolve the issues of property incomplete, management system and corporate governance structure imperfect and other issues.The article argues that the rural financial system choose which model in the end should respect the principal financial needs, just only micro-finance system main of the supply and demand has the right to independently choose and independently development, which is the effectiveness basis of the rural financial system. The article concludes that Government’s mandatory supply is the root causes of the imbalance between supply and demand of the rural formal financial system. And the article analyzes the reason for Government’s mandatory supply how to cause the imbalance between supply and demand of the rural formal financial system from the Government’s level of knowledge and limited rational, the government’s economic development goals deviating from the rural financial development goals, the agency problem for bureaucracy, the obstacles of vested interest groups such as four reasons.As for the imbalance between supply and demand issues of the rural informal financial system, this article analyzes the reasons of the rural informal finance existence and development from different theoretical perspectives, from the information economics and transaction cost economics perspective, prove that the rural informal finance has information advantage and transaction cost advantages compared with the formal finance, from the system changes theory perspective, prove that the rural informal finance existence and development is the induced results of the inadequate supply of the formal financial system. As for the reasons of the informal financial system imbalance between supply and demand, the article analyzes the policy constraints of the China’s rural informal finance development firstly, prove that the strict financial controls has restricted the freed development of the rural informal finance.Subsequently, this article proposes that the Government’s excessive interference and the interests game of all levels of government is the root causes of rising and declining of the rural cooperative foundations by the case of rising and declining of rural cooperative foundations. Because of the undue interference of Local Governments have made vibrant civil informal finance become lopsided development of the financial organizations, and ultimately makes induced innovation system failure. And the Central Government for their own interests to consider and adopt the strict financial control policy, make a good development prospects of informal financial organizations lack of access to civil legal status, and the informal financial organizations are very easy to be banned for various reasons by Central Government.In short, the Government’s inappropriate intervention and strict financial controls, which have hampered the rural informal financial system innovation and free development, led to there is a big supply bottleneck of the China’s rural informal financial system, resulting in the diversification between the rural financial market structure single with the asymmetric needs of financial services, resulting in the lack of competition mechanism and innovation mechanism in the operation of rural financial market which eventually led to the micro-finance system innovation main demand in the largely unmet. So this article concludes that the lack of induced innovation of the rural informal financial system by the Government’s strict control and excessive interference, which is the root causes of the rural informal financial system imbalance between supply and demand.Finally, this article argues that in order to solve the constraints on the rural financial development by the financial system imbalance between supply and demand, The key is to adhere to the endogenous principle and diversity principle, reasonable positioning functions of the government, eliminate the obstacles of the system for the rural financial development, to reengineer the rural financial system basis and the organizations system by increasing the formal financial system of organization innovation and vigorously developing the endogenous civil financial organizations, which can make better use of rural finance promoting the“Three-dimensional Rural Issues”resolving.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Financial organizations in urban and rural areas
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