From Boom to Bust: A Study of China’s Economy in the Wake of COVID-19 Outbreak in H1 2020

Abstract

The purpose of this study is to examine the impact of the COVID-19 pandemic on China in terms of both health and economic crises and to provide an in-depth analysis of the government’s economic policies in response to the crisis. To achieve this, the study analyzes data on the spread and progression of the COVID-19 pandemic in China and the data on the Chinese economy and government initiatives to stimulate economic growth. The study draws on relevant literature to contextualize the effects of past crises on the global economy. The study found that the COVID-19 pandemic had a significant impact on the Chinese economy, resulting in the first annual decline in growth since 1976. The government’s response to the crisis focused on job security rather than economic growth. The study also revealed that the government implemented various measures to stimulate the economy, such as tax relief, loans to small and medium-sized enterprises, and investments in infrastructure projects. The study provides insight into the effectiveness of the government’s economic policies in response to the crisis and offers important scientific findings on the impact of the COVID-19 pandemic on China’s economy and public health. The study highlights the challenges faced by China in responding to the crisis and provides valuable lessons for other countries. The study’s contribution lies in its thorough analysis of the Chinese case and its potential to serve as a model for other economies in the post-pandemic era.