The 262th Wenlan Financial Forum

Abstract:

Pursuing more adequate and high-quality employment is an important part of high-quality development. This paper explores how to achieve stable employment quickly after the global economic crisis, and concretely analyzes the contributions and costs that all kinds of enterprises have made in stable employment. Through the analysis of multiple sets of enterprise data and loan data, it is found that, with the support of new credit during the implementation of the "4 trillion" plan, enterprises in state-owned, large and supported industries make large-scale counter-cyclical investment and greatly expand employees in the short term. However, due to the deterioration of performance in the later period and the aggravation of debt repayment pressure, it is difficult to continue to significantly increase employment. However, enterprises in private, small and unsupported industries did not increase investment or employment in the short term, and the credit they received significantly improved their survival probability in the crisis, and created more jobs due to the improvement of performance in the later period. Therefore, with a view to achieving greater employment stability in the medium and long term at a smaller cost, more resources can be invested in protecting small and medium-sized market players in response to the crisis. The paper is published in Economic Research, No. 9, 2021, pp. 21-38.

Speaker Introduction:

Ninghua Zhong, Professor and doctoral supervisor of the School of Economics and Management of Tongji University. He is also the Vice Dean of the School of Economics and Management, Head of the first-level discipline of Applied Economics, and a member of the Council of Tongji University. He was once a short-term consultant of the World Bank, and now he is a consultant of the Shanghai Political Consultative Conference, deputy secretary-general of the Shanghai Economic Association, Deputy Chairman of the Shanghai Financial Technology Industry Alliance, and Chief Expert of international projects of the Asian Development Bank. In 2015, he won the Sun Yefang Economic Science Award, the highest award in the field of economics in China. He has also won two important awards, such as the second Prize of University Scientific Research Outstanding Achievement Award of the Ministry of Education, the "China Rural Development Research Award" (also known as "Du Runsheng Award"), the First and Second Prize of the Outstanding Achievement of Philosophy and Social Science, Shanghai, the Top Ten recommended Papers of Shanghai Social Association 2015-2016, and the nomination Award of "Masahiko Aoki Economics Paper Award". In 2018, he was awarded the 16th Young Teachers' Fund of the Huo Yingdong Education Foundation of the Ministry of Education