Coping with the Coronavirus pandemic: the reasons of Chinas economic success

Occupation: Senior Research Fellow
Affiliation: Institute of Economics, Ural Branch, Russian Academy of Sciences
Address: Russian Federation, Yekaterinburg

Journal name

Asia and Africa Today

Edition

Issue 1

Pages

4-10

Abstract

The article investigates the experience of China in overcoming the consequences of COVID-19. The experience of other epidemics that China has faced in recent history and the state’s response to the spread of the disease were analyzed. The package of efforts taken by the Chinese government to combat COVID-19 consists of medical, social and economic measures. A significant role is played by the containment of morbidity through the development of self-awareness of the population and public control. Equally important are the actions of the government, that include the widespread treatment of the economy through the support of all in aggregate demand components during a pandemic. So we can describe the Chinese economic policy as predominantly Keynesian. The author has shown that the speed of the government’s reply to the spread of the disease is key to minimizing subsequent economic damage.

The measures of the anti-crisis policy used by the country’s authorities, including both fiscal and monetary policy measures, and support for small and medium-sized businesses, and the high-tech sector, have been studied. Chinese anti-crisis policy paid special attention to supporting consumption through the movement of labor, stimulating consumer activity of the population. Highly successful was the policy of accelerating the resumption of exports and entering new markets. The focus on the export of high-tech products has significantly contributed to the strengthening of China’s position on the world stage in the context of the development of remote technologies necessary for functioning during the current pandemic.

An analysis of China’s experience is extremely useful for the Russian authorities for the developing Russian anti-crisis economic policy to combat the consequences of the COVID-19 pandemic.

Keywords

China, COVID-19, economic policy, production decline, economic growth, consequences of the pandemic, Chinese economy

Received

11.02.2021

Publication date

26.02.2021

Number of characters

18107

Cite

GOST	Buchinskaia O. Coping with the Coronavirus pandemic: the reasons of China's economic success // Asia and Africa Today – 2021. – Issue 1 C. 4-10 [Electronic resource]. URL: https://asaf-today.ru/S032150750013627-1-1 (circulation date: 24.04.2024). DOI: 10.31857/S032150750013627-1
MLA	Buchinskaia, Olga N "Coping with the Coronavirus pandemic: the reasons of China's economic success." Asia and Africa Today 1 (2021):4-10. DOI: 10.31857/S032150750013627-1
APA	Buchinskaia O. (2021). Coping with the Coronavirus pandemic: the reasons of China's economic success. Asia and Africa Today (1), pp.4-10 DOI: 10.31857/S032150750013627-1

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