Empirical Study On Employment Effects Of Financial Industry Development In China

The financial industry is the core of the modern economy.In recent years,China's financial industry has developed rapidly,and the financial industry plays an important role in China's economic and social activities.Employment is the basis of people's livelihood.The "13th Five-Year Plan" clearly states that China should implement the employment priority strategy in depth,and it is necessary to do a good job in promoting employment,which is conducive to building a moderately prosperous society in an all-round way and better better ensuring and improving people's livelihood.This paper starts from the purpose of studying the impact of the development of China's financial industry on employment,and is guided by the domestic and international financial industry development theory and employment theory,analyzes the mechanism of the development of financial industry on employment from both direct and indirect effects.Using the time series data of China's financial industry output value and employment number from 1997 to 2016 to conduct co-integration test and Granger causality test,it proves from a vertical perspective that the development of financial industry can promote the growth of employment;Based on the panel data of 31 provincial-level levels in China from 1997 to 2016,using the indicators of financial development scale,financial development efficiency,economic growth,technological progress,etc.,with the average wage and the size of government as control variables,and the individual fixed effect model is used to test the impact on employment shows that the scale of financial industry development and the efficiency of financial industry development are positively correlated with employment growth,which confirms the promotion of financial industry development to employment growth from a horizontal perspective;Through the construction of regional panel data model,the impact of financial industry development on employment in China's three major regions is different.Therefore,in order to promote the coordinated development of China's financial industry and employment,China should regard the financial industry as a key industry to implement the employment priority strategy,establish a diversified financial organization,develop a multi-level capital market system,and strengthen financial support in key economic areas.Strengthen the coordinated development of financial industries in various regions.