Abstract
In July 1997, the Asian Financial Crisis significantly impacted regional and global economies, particularly in Asia. Similarly, two decades later, the COVID-19 has had a great influence on the Chinese economy as an exogenous element of the demand shock. Bothe the two issues were linked to the contagion effect and asset bubbles. This article discusses the monetary policies used during the two periods and compares and forecasts the monetary strategy based on the current economic status. The Chinese government is suggested to continuously carry out expansionary monetary policy for enterprises and household consumption and helps establish a wider range of digital economy, and helps establish a wider range of digital economy including rural areas.
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