Abstract
The 2008 U.S. subprime mortgage crisis had a significant effect on the global economy, particularly on China's real economy. The subprime crisis has caused turmoil in China's financial market, which is evidence of weaknesses in China's financial regulations and legal framework. China needs to strengthen its financial supervision, establish a risk prevention system, and improve its economic legal framework in response to the shocks brought on by changes in the global financial market. Beginning with the economic challenges brought by the two distinct causes of the subprime mortgage crisis and the Corona Virus Disease in 2019, this paper will concentrate on the difficulties the Chinese economy is experiencing. Then, the paper will examine China's economic situation in light of the overall economic climate, look at the opportunities and challenges presented by China's economic law in light of COVID-19, and offer a prognosis for the future development of China's economic law.
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