Passers‐by or Blessings? Have College Graduate Village Officials Fostered Neo‐Endogenous Rural Development?

ABSTRACT Neo‐endogenous development has emerged as a critical pathway for rural transformation worldwide. However, its progress is often limited by insufficient human capital. Using village‐level data from the Survey for Agriculture and Village Economy (SAVE) (2021–2023), this article examines the impact of the College Graduate Village Officials (CGVOs) program, a unique human capital reallocation initiative in China, on neo‐endogenous rural development. Results show that CGVOs significantly increase rural collective operating income and promote neo‐endogenous rural development. This suggests that CGVOs are blessings for village development. Mechanism analysis reveals that enhanced village entrepreneurial vitality and increased access to government project‐based funding support constitute the key channels through which CGVOs stimulate neo‐endogenous rural development. Heterogeneity analysis shows that CGVOs have stronger economic spillover effects in villages with better resource endowments, smaller populations, and more educated village leaders. This article provides a comprehensive theoretical and empirical examination of the pros and cons of the CGVO program, and offers policy insights for rural governance and development optimization.