| This paper uses the national sample of Urban Household Surveys（UHS）and Migrant Population Dynamic Monitoring Surveys（CMDS）to estimate the skill premium of China from 2007 to 2017 by means of the mincer wage equation.It is found that after 2008,the skill premium in China has gradually decreased and decreased to a minimum in 2013;the level and change of skill premium are different between regions and cities,among which,the skill premium in eastern region is higher than that in the central and western regions,in large cities is higher than that in small cities.Combined with the relevant data,we believe that this is related to the industry bias and skill bias of the Four-trillion-yuan stimulus package.The stimulus plan is biased towards industries dominated by low-skilled labor,which increases the demand for low-skilled labor,thus increasing the relative income of low-skilled.This paper uses the loan balance of financial institutions to construct the indicators to measure the degree of policy stimulus,and finds that policy stimulus does have a negative effect on skill premium.Because of the difference in the implementation of the Four Trillion Plan in different regions,the negative effect of policy stimulus on skill premium in small cities is greater than that of large cities,and the negative effect on skill premium in central and western regions is greater than that of eastern region.The policy stimulus increases the income of both high-skilled and low-skilled labor,but the income of low-skilled labor has increased more than that of high-skilled labor,which has resulted in a decline in the skill premium. |
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