At present，agriculture in China is changing from high-growth regime to high-quality development regime. The agricultural development shows regional imbalance and the agricultural risks are increasing. Appropriate scale and structure of agricultural credit and insurance can effectively enhance the effectiveness of financial services in agricultural economy.Based on theoretical analysis，this paper introduces agricultural credit and risk management into the production function.The relationship between agricultural credit，insurance and agricultural economy under different agricultural production regimes is examined empirically by using panel data from 31 provinces over the period from 2006 to 2020.The conclusions show that there is a clear regime transition in the agricultural cycle of China，which can be divided into a normal fluctuation regime and a continuous downward regime.Furthermore，both agricultural credit and insurance can effectively promote agricultural economic growth，but the impact of both varies across agricultural production regimes. Since the agricultural economy has entered a continuous downward regime，it is proposed to accelerate the change from a single-wheel-driven rural financial model based on credit to a two-wheel-driven model based on credit and insurance.When agricultural credit and insurance are in the appropriate threshold interval，the synergistic effect can be effectively brought into play.