What Impact the Emergence of Covid Has on The Chinese Economy

Abstract

Covid was detected in China in 2019 and began to spread across China in early 2020 with Wuhan City, Hubei Province as the center. Covid is not the first virus to appear in China, SARS was detected in Guangdong province in late 2002. In terms of the number of deaths and the degree of impact on the Chinese economy, the negative impact of Covid is greater than that of SARS. This conclusion can be divided into the following three aspects. First, China's GDP growth rate in 2003 was higher than in 2002. Secondly, it only took 9 months from the emergence of SARS to the real end, while Covid has not really ended in nearly three years from the end of 2019 to now. In addition, the consumer industry and the service industry now occupy a dominant position in China's economic structure, and a series of lockdown management measures in response to Covid has undoubtedly brought a serious blow to these two industries. Therefore, the negative impact of Covid on China's society and economy will definitely require more time to appease and adjust in the future.