Research on Young Farmers' Borrowing Behavior under Market Risk Shocks and Inclusive Finance Support: Based on a Case Study from Villages in Western Yunnan
Rural inclusive finance is a crucial means of achieving the rural revitalization strategy and advancing financial poverty alleviation in rural areas. However, under market volatility shocks, inclusive finance can amplify the impact of market fluctuations on farmers' borrowing risks. When prices are expected to rise, decentralized smallholders tend to increase borrowing to expand their operations, hoping for greater returns. However, once prices decline, the scale operation of smallholders - amplified by increased borrowing - can magnify their operational risks and losses. The case of young farmers in Zhang Village, Yunnan, who actively respond to inclusive finance policies by taking out loans to develop rural aquaculture, holds particular significance. This study employs in-depth field research and draws on Philip Huang's analytical framework, which integrates comprehensiveness and behavioral differentiation among smallholders, to categorize farmers' borrowing behavior and risk-coping strategies into three types: large-scale specialized farmers, traditional smallholders, and medium-scale farmers. Furthermore, it systematically reflects on the living conditions and developmental challenges of different young farmers under market risk shocks by applying the concept of "poverty vulnerability".
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