The Research On Deepening And Innovation Of Rural Financial Services Based On The Rural Revitalization Strategy

Hubei Province is a large agricultural province in the central part of China with its rural financial services plays an important role in promoting the development of rural economy.For promoting the smooth implementation of the rural revitalization strategy,a series of measures have been taken to improve its rural financial services in Hubei province.However,there are some problems still existed in the process of implementation,such as backward service means,weakened financial service functions and single financial service product and so on.Therefore,it is of great significance to study the deepening and innovation of rural financial service level in Hubei province.First of all,under the background of the rural revitalization strategy,this paper illustrates the current situation and analyzes the dilemma based on the data published by‘Hubei Financial Yearbook' and ‘Hubei Yearbook'.Secondly,from the perspective of financial width and financial depth,it builds the evaluation index system on financial service with the introduction of relevant indexes of financial service efficiency and innovation.The level of rural financial service in 17 cities of Hubei province was measured by PCA(principal component analysis).And the empirical results show that there are great differences in rural financial services in the cities of Hubei province,especially in the two aspects on financial service capability and financial service quality.Thirdly,the panel data model is constructed from four aspects(infrastructure construction,economic environment,financial institutions and individual farmers)to analyze the influence factors of rural financial service in Hubei province.Based on empirical analysis results,it is found that real GDP per capita,urbanization level,rural education level and agricultural modernization level have a significant impact on rural financial services under the background of the rural revitalization strategy.Finally,from the perspective of supply-side structural reform in rural financial,combined with the situation of Hubei province,this paper puts forward some suggestions,such as improving financial infrastructure,strengthening the reform of financialinstitutions,improving the financial literacy of farmers and innovating the way of green financial service,in order to promote the rural revitalization and the rapid development of rural economy in Hubei province.