The Institutional Origin,Operational Logic,and Evolutionary Prospects of the Agricultural Credit Guarantee System in China
The policy-based agricultural credit guarantee(PACG)is a market-oriented extension of China's agricultural support and protection policy,and an innovative way for fiscal and financial synergy to support agriculture and rural development,which is of great significance in addressing the challenges of financing difficulties and high costs in the process of agricultural and rural modemization.This paper,from the perspective of institutional evolution and using theory of materialistic dialectics on contradiction as an analytical tool,analyzes the internal contradictions of the agricultural"three subsidies"policy and the rural financial market,and argues that these internal contradictions are the root causes of the decline of the agricultural"three subsidies"policy effect and the failure of rural financial market,as well as the emergence of the PACG policy.The PACG is a market-oriented policy tool for supporting agriculture,which combines fiscal agricultural policies with the rural financial market Its operation should not only improve the efficiency of fiscal fund use,increase the creditworthiness of borrowers,share risks with financial institutions,but also realize its own sustainable development This leads to contradictions within the policy agricultural credit guarantee system between policy objectives and market operations,credit enhancement functions and"de-guarantization"that are difficult to coordinate.These contradictions will drive the PACG system to evolve towards further marketization of operation,business diversification,and digitalization of business models.
Agricultural Credit GuaranteeAgricultural Support and Protection PolicyFiscal and Financial Synergy
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维普
