Analysis the relationship between unemployment and wages in China based on Phillips curve

This study draws the conclusion that the short-term Phillips curve has failed in China. For this kind of invalidity, we believe that as a huge open economy, China's 20-year development cycle from 2001 to the present is not divorced from the general economic law, but it is precisely the market law that determines its high-speed development for 20 consecutive years, which is not a historical exception. The basic condition for the establishment of the Phillips curve based on the capitalist economic environment is that the market economic system, the level of industrialization and the development of the financial system reach a certain level. However, the current Chinese economic system is a socialist market economic system, and the development of industrial structure and industrialization level is not perfect, which makes the complete establishment of the Phillips curve theory lack of necessary external environmental conditions. Therefore, we do not think that the "unemployment wage tradeoff law" of the Phillips curve has a factual failure under the leadership of market factors in China in the past 20 years, but can not get an effective result due to various reasons. We also made a summary of the possible endogenous and exogenous attribution of this result. We believe that it is absolutely necessary to update and re calculate the caliber of unemployment rate data for China's economic development research, which is conducive to effective monitoring of hidden dangers of China's economic development, and then put forward reasonable policy recommendations.