Abstract: At the end of 2020,China successfully completed its poverty alleviation efforts.However, a significant population of low-income individuals in rural areas,particularly in underdeveloped regions,remain vulnerable and may fall back into poverty.It is imperative to consolidate and expand upon the achievements of poverty alleviation during the transition period and effectively align them with the rural revitalization strategy.This can be accomplished through the establishment of a sustainable support mechanism to prevent the return of poverty.

This article commences by assessing the scale and challenges faced by the low-income rural population and analyzing the factors contributing to their low incomes.According to data from the National Bureau of Statistics,the ratio of per capita disposable income between urban and rural residents was 245 in 2022,reflecting the dual structure of  urban and rural areas in China.Furthermore,a significant number of rural residents have extremely low disposable incomes,with a lower proportion of property income.

Based on a comprehensive review and analysis of existing assistance measures and the associated issues,this article proposes recommendations for a sustainable support mechanism in the  post-transition period.

Firstly,it suggests implementing more proactive fiscal policies to increase transfer payments to rural residents,especially those in low-income groups,in order to narrow the income gap and stimulate consumption.This can be achieved by raising the minimum living standard,expanding the coverage of social assistance programs,and issuing long-term government bonds or special bonds to provide targeted cash subsidies or consumption vouchers.

Secondly,the article proposes the reform of the household registration system and the public service system,with a specific focus on promoting the urbanization of rural-to-urban migrant populations.The objective is to gradually narrow the 18-percentage-point gap in urbanization rates between permanent residents and registered residents.

Thirdly,the article highlights the importance of actively developing affordable rental housing to effectively facilitate the urbanization process of rural-to-urban migrant populations by enhancing the public service system.This can be achieved by providing capital from the housing provident fund center or the government,establishing a “development and construction guidance fund”, involving market institutions and financial institutions in financing,directly engaging in large-scale construction of rental housing,or acquiring existing assets for transformation into rental housing.Different supply models can be tailored to meet the diverse needs of various groups of new urban residents,enabling rural-to-urban migrants and new urban residents to settle in cities.Encouraging rental housing enterprises to develop and operate long-term rental housing in a more market-oriented manner can be accomplished.Once these projects mature,they can be exited through public REITs offerings to establish a closed-loop investment and financing cycle of “development → cultivation → exit → development”.

Fourthly,the article underscores the significance of promoting rural land transfer,improving land allocation efficiency,and achieving intensive and mechanized agricultural production to boost the total factor productivity of agriculture.

Fifthly,the article emphasizes the importance of investing in agricultural and rural modernization to raise overall factor productivity.It suggests expediting the establishment of a diverse input pattern,with fiscal support taking precedence,financial institutions providing crucial support,and active social participation.This will facilitate the comprehensive revitalization of rural areas and provide robust support for the development of modern agriculture,rural industries that benefit farmers,agricultural product processing and distribution industries,and emerging rural services.Additionally,it emphasizes the need to promote the construction of digital rural areas and smart agriculture,as well as the enhancement of rural living environment.

Lastly,there is a necessity to increase investment in rural human capital and establish an efficient vocational training system.This involves constructing a comprehensive,diverse,and hierarchical training system to promote the widespread improvement of the rural labor force's quality.By doing so,it can enhance labor market competitiveness and innovation capabilities,establishing a virtuous cycle between training for agricultural migrant workers,the accumulation of human capital,the upgrading of industrial structure,and the sustainable employment of the labor force.