Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
Series Vol. 51 , 01 December 2023
Open
Access | Article
The Impact of COVID-19 on the Chinese and American’s Economies and Its Comparison
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Abstract
This paper presents a comprehensive analysis of how COVID-19 has impacted the economies of China and the United States. It explores their responses, policy measures, and sectoral dynamics during and in the aftermath of the pandemic. Both countries faced significant economic contractions as a result of the crisis. However, their paths to recovery diverged. China's centralized governance played a crucial role in enabling a swift rebound, as the government implemented strict containment measures and provided substantial fiscal and monetary support. In contrast, the United States, with its federal structure, encountered a more prolonged recession, as coordinated responses were more challenging to achieve. Nonetheless, both governments recognized the importance of adaptive policies, implementing significant fiscal and monetary measures to support their economies. The pandemic revealed vulnerabilities in global supply chains, leading to efforts to enhance resilience. Both China and the United States recognized the need to diversify supply chains and develop resilient industries to reduce reliance on international markets. Sectoral analysis highlighted divergent impacts, emphasizing the urgency of economic diversification and the promotion of resilient industries capable of withstanding future shocks. Employment challenges and labor market dynamics were critical concerns for both nations. Both China and the United States faced the daunting task of preserving jobs and ensuring stability in their labor markets. The study recognizes the importance of implementing measures to support workers during such challenging times and advocates for inclusive approaches to foster a sustainable recovery.
Keywords
China, America, economy, COVID-19
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 2nd International Conference on Financial Technology and Business Analysis
- ISBN (Print)
- 978-1-83558-149-0
- ISBN (Online)
- 978-1-83558-150-6
- Published Date
- 01 December 2023
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/51/20230602
- Copyright
- 01 December 2023
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited