A Probe Into The Practice Logic Of Community Cooperative Finance Under The Background Of Rural Revitalization

The implementation of the strategy of rural revitalization is a major historical task of our party in the new era that our party insists on taking farmers as the main body and vigorously developing the agricultural and rural economy.It is also an important measure to decisively build a moderately well-off society in all respects.How to solve the rural financial dilemma,to give full play to the guiding role of the rural financial system in the rural economy,is an urgent problem to be solved in the current rural revitalization strategy.Community cooperative finance is deeply rooted in rural communities and has significant information advantages.To a certain extent,it has become a substitute for formal finance.Previous studies have carried out a series of researches around the practical logic of community cooperative finance,forming three theoretical paradigms:the agricultural credit subsidy paradigm,the rural financial market paradigm,and the social capital paradigm.However,these studies cannot explain the great development differences in the community cooperative finance among the rural communities with similar conditions,such as the policy environment,resource endowment,community unity and so on.In order to answer the question,the author was stationed in the"Nanzhuang"Cooperative in Tong County,and conducted in-depth interviews with the chairman of the cooperative,shareholders of the Mutual Fund Department,cadres in the village and villagers.As a result,the author learned about the ups and downs of developing mutual funds for "Nanzhuang" Cooperative remaining over ten years.In the field investigation,we found that the existing empirical explanations cannot fully reveal the development trajectory of "Nanzhuang" Cooperative Mutual Fund Department from"good" to "bad" to "good".In the entire development process,the "Nanzhuang"Cooperative Mutual Fund Department has experienced an"N"-shaped development process in the past 16 years,while the policy environment,resource endowment,community unity and other social foundations of the village have little substantial changes.In other words,the practical logic of community cooperative finance has some hidden dimensions to be revealed.Therefore,this research is based on an in-depth investigation of the development process of the "Nanzhuang" Cooperative Mutual Fund Department in Tong County for over ten years.Attempting to explore the practical logic behind the special financial form of community cooperative finance,the article starts from the practical logical framework of co-development of rural industry and rural finance shaped by specific relations between the state and society.Research has found that the social basis for effectively operating community cooperative finance is embodied in the co-presence of social needs,social relations,trust and reputation,and social authority.Last but not the least,under the corporate rural development system,the quality of community governance affects the government and market players’expectations of community development,affecting the development of community cooperative finance.And the positive changes in community governance can reshape the relationship between the state and community,improving the institutional environment for developing rural communities.