The Impact of Livelihood Capital on Subjective Well-Being of New Professional Farmers: Evidence from China

Enhancing the subjective well-being of new professional farmers is a crucial issue in China's rural revitalization for modernization. This study was based on sample survey data collected in August 2020 by the Industrial Development Research Group at Xi'an Jiaotong University in the southern part of Shaanxi Province, China. It focused on exploring the influence of livelihood capital and income fairness on the subjective well-being of new professional farmers. The findings revealed the following: (1) Livelihood capital has a significant positive impact on subjective well-being among new professional farmers. The greater the accumulation of livelihood capital, the stronger their subjective well-being. (2) Income fairness significantly contributes to subjective well-being among new professional farmers. However, when comparing different social groups, variations exist in their subjective well-being. (3) Income fairness serves as a mediating factor between livelihood capital and subjective well-being. In other words, the accumulation of livelihood capital among new professional farmers affects their perception of income fairness, which subsequently influences their subjective well-being. These results have important implications for enhancing the well-being of new professional farmers, promoting the modernization of Chinese agriculture, and advancing the implementation of rural revitalization strategies.