Financial Service Innovation in China's Rural Areas: Challenges and Solutions

The development of China's financial market is accelerating, and the principles of prioritizing rural development and the rural revitalization strategy have been upheld in the 19th and 20th National Congresses. The reform of agricultural supply-side and the development of rural areas are being advanced, accelerating the reform and optimization of rural finance services. Financial institutions provide funding support for rural financial development, which is of great significance for building a new socialist countryside. However, China's rural finance is still weak. With the continuous development of the economy and society, the demand for financial services is more widespread. The problems of rural financial services in China have also been exposed, such as the imbalance in the allocation of urban and rural financial resources, the increase in rural financial demand but relatively insufficient supply, and other phenomena that have not been fundamentally changed. It is an urgent problem to take measures to solve this problem, promote innovation and development of financial services in China, and improve the financial services system. In this article, research methods such as article analysis were used to explain the problem of financial service innovation in China through a combination of the current situation of rural financial services in China and research on relevant theoretical knowledge at home and abroad, and to propose targeted solutions and policy recommendations to promote rural economic development and improve farmers' living standards.