Abstract
The global economy is now under extremely severe pressure from a great variety of political, economic, social, environmental, and public health challenges. The COVID-19 outbreak has rapidly transformed from a medical phenomenon to a threat of disruption to global supply chains and economic recession in most countries of the world. Despite the similarity of problems, the impact of the pandemic on individual countries has appeared to be different in terms of the severity of both human and economic losses. China is the first country that experienced the outbreak in early 2020 and now it is one of the first to recover from it. A set of effective and efficient health security, economic, and social measures allowed China to restart economic activities in the domestic market and restore foreign trade with its counterparts. This paper presents an assessment of major macroeconomic parameters of China in 2020 compared to previous periods, discusses the efficacy of economic, fiscal, and investment solutions made by China’s government during the pandemic, and assesses how these measures have affected China’s recovery in terms of GDP, investment in fixed assets, exports and imports, money supply, and the price index.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Blay-Palmer, A., Carey, R., Valette, E., Sanderson, M.: Post COVID 19 and food pathways to sustainable transformation. Agric. Human Values, 1–3 (2020)
Bricco, J., Misch, F., Solovyeva, A.: What Are the Economic Effects of Pandemic Containment Policies? Evidence from Sweden. International Monetary Fund, Washington, DC (2020)
Černikovaitė, M., Karazijienė, Z.: Social-economic effects of the COVID-19 pandemic in lithuania. In: SHS Web of Conferences, vol. 92, p. 01006 (2021)
Chen, Q., He, Z., Hsieh, C.-T., Song, Z.: Economic effects of lockdown in china. In: Agarwal, S., He, Z., Yeung, B. (eds.) Impact of COVID-19 on Asian Economies and Policy Responses, pp. 3–10. World Scientific Publishing, Singapore (2021)
Cheng, E.: China Says Its Economy Grew 2.3% in 2020, but Consumer Spending Fell (2021). https://www.cnbc.com/2021/01/18/china-economy-release-of-fourth-quarter-full-year-2020-gdp.html
Erokhin, V.: Impact of the COVID-19 pandemic on China’s economy: preliminary estimate and recovery outlook. Market. Logist. 33(1), 5–16 (2021)
Goolsbee, A., Syverson, C.: Fear, lockdown, and diversion: comparing drivers of pandemic economic decline 2020. J. Public Econ. 193(30), 104311 (2021)
Grishin, V., Domashchenko, D., Konstantinova, L., Koshkin, A., Ustyuzhanina, E., Shtykhno, D., Shubenkova, E.: Life after the pandemic: economic and social consequences. Vestnik Plekhanov Rus. Univ. Econ. 3, 5–18 (2020)
Guerriero, C., Haines, A., Pagano, M.: Health and sustainability in post-pandemic economic policies. Nat. Sustain. 3, 494–496 (2020)
Kvashnin, Y.: Greece amid coronavirus pandemic: economic aspects. Sci. Anal. Her. IE RAS 16(4), 64–70 (2020)
Liu, X., Liu, Y., Yan, Y.: China macroeconomic report 2020: China’s macroeconomy is on the rebound under the impact of COVID-19. Econ. Polit. Stud. 8(4), 395–435 (2020)
Lukonin, S., Zakliazminskaia, E.: Transformation of the socioeconomic model of China in the context of a pandemic. Outl. Glob Trans. Polit. Econ. Law 13(6), 198–216 (2020)
National Bureau of Statistics of China: National Data (2021). https://data.stats.gov.cn/english/index.htm
Papava, V., Chkuaseli, M.: Economic consequences of the COVID-19 pandemic and the economic ability of a government as a factor of production. Int. Bus. Econ. Stud. 3(2), 67–71 (2021)
Rodríguez-Caballero, C.V., Vera-Valdés, J.E.: Long-Lasting economic effects of pandemics: evidence on growth and unemployment. Econometrics 8(3), 37 (2020)
Shalamov, G., Kudrov, A.: Features of china’s development in the conditions of the coronavirus pandemic. Financ. Econ. 7, 194–196 (2020)
Shevchenko, V.: Economic shocks of the pandemic impact: the european case. Three Seas Econ. J. 1(2), 53–59 (2020)
Statista: China’s Share of Global Gross Domestic Product (GDP) Adjusted for Purchasing-Power-Parity (PPP) from 2009 to 2019 with Forecasts until 2025 (2021). https://www.statista.com/statistics/270439/chinas-share-of-global-gross-domestic-product-gdp/
Toffolutti, V., Stuckler, D., McKee, M.: Is the COVID-19 pandemic turning into a european food crisis? Eur. J. Pub. Health 30(4), 626–627 (2020)
Trading Economics: China GDP (2021). https://tradingeconomics.com/china/gdp
Tzou, S.: Impact of the coronavirus epidemic on the china’s economy and the government and regional countermeasures. Power Adm. East Rus. 91(2), 37–44 (2020)
Vasiev, M., Bi, K., Denisov, A., Bocharnikov, V.: How COVID-19 pandemics influences Chinese economic sustainability. Foresight STI Gov. 14(2), 7–22 (2020)
World Trade Organization: China (2020). https://www.wto.org/english/res_e/statis_e/daily_update_e/trade_profiles/CN_e.pdf
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Appendix
Rights and permissions
Copyright information
© 2022 The Author(s), under exclusive license to Springer Nature Switzerland AG
About this paper
Cite this paper
Vasilii, E., Gao, T., Anna, I. (2022). Solutions for Post-pandemic Economic Recovery: The Case of China. In: Dima, A.M., Kelemen, M. (eds) Digitalization and Big Data for Resilience and Economic Intelligence. Springer Proceedings in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-93286-2_11
Download citation
DOI: https://doi.org/10.1007/978-3-030-93286-2_11
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-93285-5
Online ISBN: 978-3-030-93286-2
eBook Packages: Economics and FinanceEconomics and Finance (R0)