COVID-19's Impact on Recruitment of China's Banking Industry and Other Financial Sectors

Abstract

Under the COVID-19 the global economy experienced an unprecedented shock and shows characteristics never be seen in history, so as the financial field, especially the banking sector in China. The paper mainly focuses on exploring how the recruitment in China’s financial industry is affected by the pandemic, including the capital of various financial institutions and the recruitment number of banks. To draw a relationship between economic growth and the employment of financial institutions, this paper tries to identify whether the Phillips Curves is applicable to explain the performance of banking sector and its recruitment under COVID-19. The authors utilize data of national economy and employment in the financial industry, and by operating regression and hypothesis testing, this paper finds out the classic Phillips Curve doesn’t hold for the banking sector in China during COVID-19. Empirical and statistical evidence shows that, the simple linear relationship between inflation and employment doesn’t exist in the banking sector from 2017 to 2021.