Comparative Analysis of macroeconomic between China and the United States before and after the COVID-19 pandemic

Abstract

As the two largest economies in the world, China and the United States together account for more than 40% of the world's GDP. Since the outbreak of the COVID-19 epidemic in 2020, whether the economic development of China and the United States has been affected by the epidemic, the degree of impact and the degree of economic recovery have attracted worldwide attention. This assay collects macro indicators such as GDP, unemployment rate and CPI in China and the United States in the past five years from the official websites of the U.S. Bureau of Labor Statistics and the National Bureau of Statistics of China. Combined with the research results of existing scholars, a comparative analysis of the economic conditions of the two countries before and after the epidemic was carried out. It is found that in 2020, when the economies of the two countries are affected by the epidemic, the relative decline is smaller and the decline in the United States is larger; when the economies of the two countries rebound in 2021, the absolute level of China's economic growth is significantly higher than that of the United States, but the relative recovery is smaller than that of the America is bigger. In the post-pandemic era, the United States has experienced staggering inflation. After the problem is found, this assay explains the cause of the problem and proposes a solution.