Research on the Position of Both China and US to Deal with the Financial and Economic Problems Caused by COVID-19

DOI

10.2991/assehr.k.211209.461How to use a DOI?

Keywords

Covid-19; Economy; Comparison; China; the United States

Abstract

Covid-19 began in 2020 in an unexpected way as the most serious global non-traditional security shock in a century. China is the first major economy to resume growth since the outbreak, and it is at the forefront of the world in terms of epidemic prevention and control and economic recovery. However, The U.S has not fared as well in the new crown epidemic, as reflected by the fact that the U.S. economy has been grim and has become the country with the highest number of infections and deaths in the world. This study focuses on China’s financial and economic response to the coronavirus are superior to those of the United States in the current epidemic situation.

This paper uses research methods such as observation, literature research and information research methods. The main object of the study is the different measures taken by China and the United States to save the economy and life from the damage caused by the epidemic. In the current epidemic situation, China seems to have an advantage over the United States in dealing with the financial and economic aspects of the coronavirus, but the United States has an irreplaceable power as the largest economy and the most productive country in the world. The main tools used for the study were excel tabulation, word editor and google search. The data for the study were mainly obtained from the official website of the China Bureau of Statistics and the official website of statistics in the United States.

Research pointed out that China’s advantages are multifaceted. First, China’s central government is better able than the US federal government to implement a unified policy while unlike bipartisan struggle in the United States, it is more efficient to insist on one-party leadership. Moreover, China attaches great importance to cooperation, especially solidarity with Southeast Asia, and ideological management. During the epidemic, Trump focused more on economic development of the United States to support his re-election and neglected the prevention of the epidemic. However, mass vaccination brought about by new president government has also created a new situation in the United States. As the world’s largest economy and most productive country, America has a power that cannot be underestimated. Although China has achieved relatively good results during the epidemic, in the context of a full-scale economic recession, China should be more mindful of the crisis even in times of peace. Significantly, China needs to learn from the lessons, as historical coronavirus first emerged in China, meanwhile, needs to learn from advanced technologies, where U.S. vaccine research has a relative advantage. By strengthening the development of private enterprises and avoiding market failure effects caused by the government, the progress of China’s socialist economic system can be promoted.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article under the CC BY-NC license.

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TY  - CONF
AU  - Jing Li
PY  - 2021
DA  - 2021/12/15
TI  - Research on the Position of Both China and US to Deal with the Financial and Economic Problems Caused by COVID-19
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 2839
EP  - 2845
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.461
DO  - 10.2991/assehr.k.211209.461
ID  - Li2021
ER  -