Abstract
The outbreak of COVID-19 pandemic in 2020 has had a great impact on the economic environment. This article selects GDP and major economic data that constitute GDP in recent years to analyze the impact of the pandemic on China’s economy. This article compares the changes in economic data in the first half and the second half of the year 2020 to reveal the economic meaning behind the data. Analysis shows that in the first half of 2020, affected by the pandemic, economic data has dropped significantly, and the economy has gradually recovered in the second half of the year, and economic data has rebounded. Specifically, the growth rate of the added value of the industrial enterprises above designated size turned from negative to positive and returned to the pre-pandemic level in the second half of the year; total retail sales first fell and then rose; the growth rate of fixed assets and foreign investment turned from a decline to an increase; the total export of goods achieved growth; the annual GDP achieved positive growth and sustained economic development. Looking forward to 2021, the annual GDP growth rate is expected to be around 8%. Comprehensive data analysis has concluded that: controlling the pandemic is a prerequisite for economic growth; new infrastructure is a strong driving force for economic development, and the “double cycle” is the new pattern of China's economic development in the future.
Highlights
The outbreak of COVID-19 threatened the safety of people’s lives, and had a major impact on economic development
Macroeconomic indicators can more closely reflect economic conditions at all levels. Whether it is industrial development, social consumption, fixed asset investment in the whole society, or national imports and exports, it can all be reflected through a comparative analysis of macroeconomic indicator data
This article is organized as follows: The first part is the introduction; the second part is the outline of the COVID-19 pandemic, which mainly introduces the mutation trend of the pandemic in 2020 in the background of the outbreak; the third part is to reveal China’s macro economy in 2020 through the analysis of economic data The operation situation of the company is mainly analyzed from the perspectives of GDP, industrial production, social consumption, fixed assets and foreign investment, and import and export of goods; the fourth part is the outlook and forecast of China’s economic situation in 2021; the fifth part is the pandemic situation based on the above analysis under the indicators of economic development
Summary
The outbreak of COVID-19 threatened the safety of people’s lives, and had a major impact on economic development. This article is organized as follows: The first part is the introduction; the second part is the outline of the COVID-19 pandemic, which mainly introduces the mutation trend of the pandemic in 2020 in the background of the outbreak; the third part is to reveal China’s macro economy in 2020 through the analysis of economic data The operation situation of the company is mainly analyzed from the perspectives of GDP, industrial production, social consumption, fixed assets and foreign investment, and import and export of goods; the fourth part is the outlook and forecast of China’s economic situation in 2021; the fifth part is the pandemic situation based on the above analysis under the indicators of economic development. China’s Economic Development in the Context of Pandemic Situation from the Perspective of Economic Data
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