| Since the reform and opening up, with China's sustained and rapid economic growth, the gap between the levels of economic development of different regions has been widening gradually, and the expansion is accelerating. However, the regional disparity between the levels of economic development in rural areas is much larger than that between regional economies. In the context of this reality, understanding the status of the regional non-equilibrium of rural financial resources and its role in the regional rural economic growth, and looking for countermeasures which can promote the coordinated growth of regional rural economy for fiscal and financial reforms in rural areas, are the challenges faced by the "new socialist countryside" program and the "unified regional development" program at the present stage. Existing research related to rural finance issues mainly discuss from the national macro-level perspective, whether at home or abroad. Few scholars study that from the regional level perspective. Nevertheless, this paper proposes institutional arrangements and policy measures against regional differentiation to coordinate the regional rural capital supply, based on a comparative study on the capital supply in different rural areas and its impact on rural economic growth from the regional perspective which has long been neglected.At the beginning, this paper collates and summarizes the classical financial development theories related to the relationship between financial development and economic growth, and theoretically, this forms a logical starting point for this paper. On the basis of the theoretical analysis and extensive data, and from multiple angles, this paper does a systematic and comprehensive comparative analysis of the regional differentiation of capital supply in rural areas by descriptive statistical analysis method. Studies have shown that first, rural commercial credit supply scales between regions are obviously different. The absolute size of capital supply in the eastern regions is much larger than in the central and western regions, while the relative size of capital supply in the western regions is larger than that in the central and eastern regions. The structure of rural commercial credit funds is generally irrational and the efficiency of capital allocation is generally not high. Second, because of the long-term impact of the special position given to China Agricultural Development Bank's functions, the agricultural policy credit scale in the main producing areas is much larger than that in the main selling areas and the areas where production and sales are balanced, whereas regional credit structure is identical. For China's Agricultural Development Bank, the regional distributions of both policy and commercial credit operations are obviously inconsistent with the principle of the policy-oriented finance for non-market allocation. Third, the size of the rural private lending was decreasing from the eastern regions to central and western regions; the degree of organization of the private lending in the developed regions is higher than that of the underdeveloped areas; the proportion of interest-bearing borrowings, the proportion used for productive purposes, and the ratio of collateral in the developed regions, are higher than that of the underdeveloped areas. Lastly, the regional differentiation of the Provincial government expenditures in rural areas is significant; both the absolute and relative sizes of capital supply in the central regions are smaller than those in the eastern and western regions; in the central, eastern and western regions, the structure of government expenditure to support agriculture is generally irrational, and the efficiency in the use of funds is generally not high, especially in the western regions.The regional differentiation of capital supply in rural areas is bound to produce different effects on rural regional economic growth. Through analyzing the regional differentiation of the rural capital supply, this paper builds model, and tests this effect empirically by Panel data, mixed data or time-series data respectively. Empirical findings show that first, expanding the scale of the rural commercial credit funds has a significant role in promoting rural economic growth only in central and western regions. The irrational structure of fund supply is largely inhibiting the growth of rural economy in the eastern regions, and its possible reason is that, the structure of rural capital supply in the eastern part is seriously uncoordinated with its rural economic structure. The low efficiency of capital allocation in these three major regions all has a very significant negative impact on their economic growth, which indicates that the rural capital's non-agricultural use has significantly restricted rural economic growth. Second, the agricultural policy has a significant role in promoting the rural economic growth in major grain producing areas only, whereas in the main selling areas and the areas where production and sales are balanced, its role is not significant. This phenomenon shows that China's agricultural policy finance doesn't take into account regional differences, which restricts its role play. Third, in the long run or short run, rural private lending in these three areas failed to produce the expected increase in farmers'income. On the contrary, to some extent, it has inhibited the growth of the farmers'income. Granger causality test also shows that the farmers'income growth in these three regions is the Granger reason for the development of rural private lending, but private loans is not the Granger reason for the growth of farmers'income. Fourth, the financial fund for agriculture in these three regions all has a significant role in promoting the agricultural economic growth. Comparatively speaking, such promoting effects in the central region where suffers an economic collapse and weakening financial support for agriculture is lower than that in the east and west.According to the theoretical and empirical findings, the paper puts forward several policy recommendations to promote the regional coordination about the rural capital supply. Considering that, the rural financial supply model determines the arrangements of the rural financial system and specific policies and measures. This paper analyzes the choices about the national rural financial supply modes with regional differences, and believes that, for the developed regions, the relatively developed regions and less developed regions, choosing the market-oriented, the government moderate-oriented and the government-oriented of the rural finance supply models respectively is reasonable. On this basis, the paper proposes several recommendations to build the rural financial supply system with regional difference, that is, we should design the organizational structure of regional rural finance according to the regional differences of funding needs in rural areas. For rural regions where the levels of economic development are different, it should reflect the differences in arranging the choices of private banking, cooperative banking, commercial finance and policy-oriented finance. The reform and development of rural financial institutions, including the reform of rural credit cooperatives, the formation of new-type rural financial institutions and the guide methods of the private finance's legalization, should all reflect regional differences. Rural financial institutions should provide and innovate differentiated financial products and services to meet the needs of regional differences. At the same time, we should adopt fiscal and financial policies which are regionally different to promote the coordinated development of regional rural economy, and promote the institutional reform of land finance which is positively conducive to capital formation in rural areas.
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