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Who Deserves the Credit for Lower Unemployment? Structural Monetary Policy Tools and Corporate Labour Employment in China

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  • Xue Li
  • Hexiang Yang
  • Jenny Jing Wang

Abstract

This study examines the employment effects of China's structural monetary policy using a firm‐level DID model from 2007 to 2022. We found that the policy significantly boosts corporate employment and compensation. In addition, this study uses a dual channel: a standard funding supply effect, and a novel, policy‐signalling effect operating through local governments. The impact is greatest for SMEs, labour‐intensive, and financially dependent firms, confirming the policy's targeted nature. Finally, our results show that in state‐influenced economies, targeted policies amplified by government coordination can be powerful tools for achieving macroeconomic stability.

Suggested Citation

  • Xue Li & Hexiang Yang & Jenny Jing Wang, 2025. "Who Deserves the Credit for Lower Unemployment? Structural Monetary Policy Tools and Corporate Labour Employment in China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 3829-3843, December.
    • Handle: RePEc:bla:acctfi:v:65:y:2025:i:4:p:3829-3843
    DOI: 10.1111/acfi.70132
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