Since the issuance of the Decision of the CPC Central Committee and the State Council on Deepening the Comprehensive Reform of Supply and Marketing Cooperatives in 2015 and the further clarification of the reform direction of Supply and Marketing Cooperatives (SMCs) in the 2023 Central No. 1 Document, SMCs have become increasingly important in the strategy of rural revitalization. This paper takes the transformation and development of SMCs, their bond financing, and credit as the research objects. Firstly, it sorts out the development history and current situation of SMCs, dividing the history into four stages: the initial establishment stage, the tortuous development stage, the reform exploration stage, and the deepened reform stage, while analyzing the policy opportunities for SMC transformation under the background of rural revitalization. Secondly, based on the bond financing data of SMC enterprises since 2016, it examines the overall overview of issuer credit ratings and bond types, and conducts in-depth analysis with typical cases such as China Supply and Marketing Group (CSMG) and Huangshan Supply and Marketing Group (HS-SMG). Finally, it summarizes the credit rating logic of SMCs, arguing that the core influencing factors include the policy environment, industry attributes, business operations, and external support. The research shows that SMCs have achieved remarkable results in transformation, but there is a significant gap between their bond financing scale and the overall scale of the credit bond market, leaving broad room for development in the future. Meanwhile, optimizing financing channels, strengthening the self-construction of enterprises, and improving the credit system are of great significance for SMCs to support rural revitalization.

Mingzhe Shi, Qianlong Yu. Transformative Development of Supply and Marketing Cooperatives with Bond Financing and Credit Perspectives. Academic Journal of Business & Management (2025), Vol. 7, Issue 9: 15-21. https://doi.org/10.25236/AJBM.2025.070903.

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