The Impact of the Pandemic on Chinese Economy
- 10.2991/assehr.k.211209.406How to use a DOI?
- Covid-19; Chinese economy; IS-LM model; economic shocks
The COVID-19 outbreak is an unprecedented and unexpected event in Wuhan, China, in Jan 2020. This fast-spreading influenza disease has great influence on the Chinese economy. This paper explores the impact of the COVID-19, distinguishing these as impacts on the economy’s demand and supply sides. For the demand side, the pandemic greatly depresses consumption, investment, government expenditure and exports. A short-term IS-LM model shows the immediate slowdown of the economic activities due to the impacts. Meanwhile, the economy’s supply side is largely affected when people are physically restrained, and the pandemic will lead to a 15.6% loss in labour. Although telecommuting is widely adopted, the effect of such practice is limited. In addition, rising costs of production in many industries also took place during the pandemic.
- © 2021 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article under the CC BY-NC license.
Cite this article
TY - CONF AU - Yuning Li AU - Yingru Wang AU - Mingyang Chen PY - 2021 DA - 2021/12/15 TI - The Impact of the Pandemic on Chinese Economy BT - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) PB - Atlantis Press SP - 2498 EP - 2504 SN - 2352-5428 UR - https://doi.org/10.2991/assehr.k.211209.406 DO - 10.2991/assehr.k.211209.406 ID - Li2021 ER -