Can Digital Finance Enhance the Resilience of Rural Households?
Fang Shile1,2, Han Shihui3, Xu Xinnan4,5, Shi Xinjie4,5
1.School of Management, Wenzhou Business College, Wenzhou 325035, China 2.Institute for Common Prosperity and Development, Zhejiang University, Hangzhou 310058, China 3.School of Economics, Zhejiang Gongshang University, Hangzhou 310018, China 4.China Academy for Rural Development, Zhejiang University, Hangzhou 310058, China 5.School of Public Affairs, Zhejiang University, Hangzhou 310058, China
Abstract：The Third Plenary Session of the 20th Central Committee of the Communist Party of China pointed out: “We should improve the normalized mechanism for preventing rural populations from returning to or falling into poverty.” The key challenge lies in enhancing the endogenous development momentum of rural households, especially their ability to withstand multiple shocks and resist risks. Digital financial instruments, with their unique advantages, are emerging as a critical tool for stimulating the intrinsic development potential of rural households by effectively addressing the bottleneck caused by the lack of standardized collateral and the obstacles created by information asymmetry in traditional financial services.We approach the issue from the perspective of household development resilience and discuss how digital finance affects rural households’ ability to cope with multiple shocks. Empirical analysis and mechanism verification of the above issues are conducted based on data from four waves of the China Household Finance Survey (CHFS) covering the years 2013 to 2019. The innovative contributions of this paper are mainly reflected in the following dimensions: First, considering the historical transition stage of poverty governance strategy from vulnerability governance to resilience governance, we explore the role of digital finance in improving rural household welfare through the development resilience index. This offers a new perspective for investigating the role and impact of finance in the context of common prosperity. Second, according to the theory of right poverty, we construct an analysis framework including three dimensions: risk identification, risk resistance, and risk mitigation capabilities, to clarify the logical chain of digital finance affecting households’ development resilience, providing theoretical support and empirical evidence for preventing the return of poverty and creating a sustainable income mechanism. Third, we not only demonstrate the positive impact of digital finance but also conduct an in-depth analysis of the potential imbalances in the distribution of digital dividends, discussing how to maximize the inclusive growth effect of digital finance. Fourth, based on existing literature and practical poverty alleviation experience, we attempt to define the concept and boundaries of the risk of large-scale poverty return, revealing the limitations of digital finance in addressing such risks through empirical analysis. This provides valuable supplementary evidence for both theoretical advancements and practical insights into the risk of large-scale poverty return.The main research findings are as follows:Digital finance can significantly improve the development resilience of rural households, and this conclusion has passed a series of robustness tests. Mechanistic analysis reveals that digital finance primarily enhances households’ development resilience by improving their risk identification capabilities, risk resistance and risk mitigation capabilities. In terms of regional differences, digital finance has a more pronounced effect in areas with high levels of traditional financial development and well-developed traditional infrastructure. Regarding household differences, digital finance has a greater impact on high-income households and those with high social capital compared to low-income households and those with low social capital, indicating a phenomenon of “elite capture”. This may be due to the existence of access and application gaps for vulnerable rural households, which gives them have unequal opportunities to benefit from the development of digital finance. Further discussion shows that digital finance can help reduce the risk of rural households returning to poverty, but it has no significant effect on the prevention of deep poverty and large-scale poverty return, which may be related to the imbalance in the distribution of digital dividends.Based on the above findings, we propose that the supportive role of digital finance, particularly third-party fintech platforms such as Alipay, should be fully leveraged. Furthermore, it is essential to continue fostering the development capacity of rural households and enhance their resilience to risks. Key strategies include addressing the “access gap” and bridging the “application gap” while establishing a governance mechanism to counter “elite capture” in order to achieve inclusive growth of digital finance. Overall, this paper provides empirical evidence and decision-making references for deepening the understanding of how digital economy enhances the development resilience of rural households, reduces the risk of returning to poverty, and effectively links the consolidation and expansion of poverty eradication achievements with rural revitalization.
方师乐, 韩诗卉, 徐欣南, 史新杰. 数字金融何以提升农户发展韧性？[J]. 浙江大学学报(人文社会科学版), 2026, 56(4): 97-117.
Fang Shile, Han Shihui, Xu Xinnan, Shi Xinjie. Can Digital Finance Enhance the Resilience of Rural Households?. JOURNAL OF ZHEJIANG UNIVERSITY, 2026, 56(4): 97-117.
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