The Analysis Of The Difference Between The Financial Development And The Economic Growth And Employment In Our Country

With the deepening of economic system reform and economic development,finance is the top priority of development.The development of finance needs to meet the needs of economic and social development and the people.Financial development and economic growth are interdependent and prosper together.At the same time,economic development is the foundation of employment growth and the most important way to solve the problem of employment.It is necessary to strengthen the link between economic policies and employment policies.We will promote financial development to support employment.In this macroeconomic situation,the impact of financial development on economic growth and employment is worth further study.Firstly,based on the panel data of 31 provincial levels from 1997 to2020 and quantile regression model,this thesis investigates whether there are regional differences in the impact of financial development on economic growth in the eastern,central and western regions of China.Financial development can indirectly affect employment through economic growth,and also directly promote employment to some extent.Therefore,it will further study whether there is any difference in the influence of financial development on employment in the eastern,central and western regions,and examine the influence of financial development on Chinese economic growth and employment in view of the economic development and employment levels in different regions.Secondly,the empirical results show that: 1.China’s financial development has a significant impact on economic growth and employment,but at different quantile levels,the growth effect is not the same.2.Financial development has a greater impact on the provinces with low economic scores in the eastern region,while it has a greater impact on the provinces with high economic scores in the central region,which has a significant impact on the economy of the western region as a whole.3.For employment in eastern and western regions,financial development has a greater contribution to the provinces with high employment in western regions,and the promotion effect is the most significant for the provinces with high employment in eastern and central regions.Finally,China’s economic development has entered a new normal.Under this macro-economic situation,in order to seek new economic growth points and promote employment in various regions,various local governments should actively adjust industrial layout,formulate financial development plans in light of local conditions and the development stage and characteristics of the region,and release regional economic vitality and promote employment through reasonable guidance of financial development.