A Study on the Rural Fund Mutual-Aid Cooperatives: A Case from Jilin Province, China
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Finance is the driving force of economic development. It is equally essential in rural and urban regions. In some developing countries, finance is unable to assist farmers in improving agricultural production. In China, some rural regions have looked into mutual-aid cooperatives as a means of providing funding. This paper mainly introduces the example of China's Rural Fund Mutual-Aid Cooperatives (RFMAC) using financial instruments to develop agricultural production. This study describes the basic characteristics, development history, present status, and existing difficulties of rural fund mutual-aid cooperatives, using statistics and interview data from Lishu county, Jilin province, China. The conclusion is that rural fund mutual-aid cooperatives assist farmers and rural cooperatives in partially resolving financing constraints and improving agricultural productivity successfully. However, when farmers or agricultural companies want a substantial sum of money, such as to replace major agricultural gear, they are unable to give such assistance. In the future, more institutions and farmers will join rural fund mutual-aid cooperatives, and the cooperatives' diverse development model will be even more worthy of debate.
Abstract
Finance is the driving force of economic development. It is equally essential in rural and urban regions. In some developing countries, finance is unable to assist farmers in improving agricultural production. In China, some rural regions have looked into mutual-aid cooperatives as a means of providing funding. This paper mainly introduces the example of China's Rural Fund Mutual-Aid Cooperatives (RFMAC) using financial instruments to develop agricultural production. This study describes the basic characteristics, development history, present status, and existing difficulties of rural fund mutual-aid cooperatives, using statistics and interview data from Lishu county, Jilin province, China. The conclusion is that rural fund mutual-aid cooperatives assist farmers and rural cooperatives in partially resolving financing constraints and improving agricultural productivity successfully. However, when farmers or agricultural companies want a substantial sum of money, such as to replace major agricultural gear, they are unable to give such assistance. In the future, more institutions and farmers will join rural fund mutual-aid cooperatives, and the cooperatives' diverse development model will be even more worthy of debate.
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