Impact of Resident Work Teams on Rural Household Balance Sheets—Base on Data from the Six Province Inclusive Financial Survey
WU Weixing, ZHANG Mingxin
School of Finance, Capital University of Economics and Business; China School of Banking and Finance, University of International Business and Economics
Summary:
Rural issues have consistently been a central focus in China's economic and social development agenda. During the phase of poverty alleviation, China implemented an innovative mechanism known as Resident Work Teams (RWTs) to ensure the precise execution of poverty alleviation strategies, with implementationss reaching directly to households and individuals. RWTs aim to closely integrate external aid with local communities, thereby strengthening grassroots organizational structures, empowering villagers to foster local development initiatives, fostering the transformation and upgrade of agricultural industries, and ultimately improving rural living conditions. Collectively, these efforts lay the foundation for a sustainable, long-term development path for rural economies, thereby contributing to broader societal progress. Although RWTs share similarities with international anti-poverty initiatives such as BRAC’s graduation programme, their distinctiveness lies in the phased and large-scale implementation strategy. In China's precision poverty alleviation campaign, 255,000 resident work teams and more than 3 million village cadres have been dispatched. Although the existing literature has conducted extensive and in-depth research on the logic and effectiveness of precision poverty alleviation in China, covering a wide range of dimensions ranging from income, human capital, healthcare and education, and regional development, research on the comprehensive impact of RWTs on household economic status is still insufficient when analyzing the role of village-based cadres' assistance. To address this gap, this study examines the impact of RWTs on rural household economic conditions from the innovative perspective of household balance sheets. Based on data from the Inclusive Finance Survey of Six Provinces, which covers 1,593 rural households across Guangdong, Guangxi, Zhejiang, Hubei, Hunan, and Fujian, and incorporating detailed information on RWTs gathered through interviews with village cadres, we conduct a comprehensive analysis. The research results indicate that RWTs significantly promotes the growth of rural household assets and liabilities, while equilibrium indicators such as net assets do not show significant changes. The RWTs has led to an expansion of household balance sheet of local rural residents while not putting financial pressure on households. These outcomes are driven by several mechanisms, including increased investment in production and business projects, shifts in risk preferences influenced by social security systems, and improved asset allocation efficiency resulting from financial literacy. Further analysis reveals heterogeneity in the impact of RWTs on household balance sheets. Additionally, the effects of RWTs are sustainable; household assets do not decline after the assistance ends, whereas debt levels decrease. For rural poverty alleviation programs involving external assistance, several key considerations are worth noticing. First, ensuring the sustainability and long-term impact of these initiatives is critical. To achieve equitable and lasting development, stable resource channels must be established, enabling disadvantaged regions to continue their progress independently once external support is phased out. Second, in advancing the process of sustained investment and development in rural areas, it is important to adopt effective debt management strategies to maintain the long-term financial stability of households. Finally, financial exclusion remains a significant challenge in rural areas, and providing services such as low-risk investment options and insurance can help households manage risk and enhance their risk resilience ability, contributing to the broader goals of reducing inequality and fostering shared prosperity. This study contributes to academic research in the field of poverty alleviation and rural development. First, by systematically analyzing the dynamic changes in household assets and liabilities during the RWT intervention, this study provides important insights into how household economic structures evolve in the context of rural development. Second, this study examines the specific mechanisms by which RWTs help affect household finances, emphasizing the key role of external aid workers in introducing productive business projects, risk attitude change, and knowledge dissemination. Finally, by examining the heterogeneous effects of RWTs on household balance sheets and confirming the long-term sustainability of these impacts after the intervention, this study offers valuable guidance for designing more effective and enduring rural development policies.
吴卫星, 张明欣. 驻村帮扶对农村家庭资产负债表的影响——基于六省普惠金融调查数据[J]. 金融研究, 2024, 533(11): 151-169.
WU Weixing, ZHANG Mingxin. Impact of Resident Work Teams on Rural Household Balance Sheets—Base on Data from the Six Province Inclusive Financial Survey. Journal of Financial Research, 2024, 533(11): 151-169.
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