Proceedings of the 2025 3rd International Academic Conference on Management Innovation and Economic Development (MIED 2025)

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The Effectiveness and Industry Heterogeneity of China’s Monetary Policy

Authors
Hengnuo Wang1, *
1The Chinese University of Hong Kong, Business School, Hong Kong, China
*Corresponding author. Email: 2072379588@qq.com
Corresponding Author
Hengnuo Wang
Available Online 17 September 2025.
DOI
10.2991/978-94-6463-835-6_2How to use a DOI?
Keywords
monetary policy; effectiveness; industry heterogeneity
Abstract

Despite the ongoing easing of monetary policy in China over the last few years, economic development has not been as fast as expected, and the effectiveness of monetary policy has been questioned. However, some studies have verified that monetary policy is effective for some industries. Therefore, this article uses the panel regression model and group regression methods to empirically test the effectiveness and industry heterogeneity of China’s monetary policy. The full sample regression results show that monetary policy works well in affecting the investment of Chinese listed firms. The results of group regression indicate that monetary policy has no significant impact on corporate investment in five industries: transportation, storage and postal services, accommodation and catering, real estate, health and social work, and culture, sports, and entertainment. This article speculates the reasons for the failure of monetary policy in these five industries and recommends that the People’s Bank of China launch more targeted structural monetary policies.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2025 3rd International Academic Conference on Management Innovation and Economic Development (MIED 2025)
Series
Advances in Economics, Business and Management Research
Publication Date
17 September 2025
ISBN
978-94-6463-835-6
ISSN
2352-5428
DOI
10.2991/978-94-6463-835-6_2How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Hengnuo Wang
PY  - 2025
DA  - 2025/09/17
TI  - The Effectiveness and Industry Heterogeneity of China’s Monetary Policy
BT  - Proceedings of the 2025 3rd International Academic Conference on Management Innovation and Economic Development (MIED 2025)
PB  - Atlantis Press
SP  - 4
EP  - 13
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-835-6_2
DO  - 10.2991/978-94-6463-835-6_2
ID  - Wang2025
ER  -