China’s Economic Development and Future Trends under the Impact of COVID-19
DOI:
https://doi.org/10.54691/bcpbm.v17i.378Keywords:
COVID-19; GDP; Industrial Production; Social Consumption; Fixed Assets and Foreign Investment; Goods Export Trade.Abstract
The outbreak of COVID-19 pandemic in 2020 has had a great impact on the economic environment. This article selects GDP and major economic data that constitute GDP in recent years to analyze the impact of the pandemic on China’s economy. This article compares the changes in economic data in the first half and the second half of the year 2020 to reveal the economic meaning behind the data. Analysis shows that in the first half of 2020, affected by the pandemic, economic data has dropped significantly, and the economy has gradually recovered in the second half of the year, and economic data has rebounded. Specifically, the growth rate of the added value of the industrial enterprises above designated size turned from negative to positive and returned to the pre-pandemic level in the second half of the year; total retail sales first fell and then rose; the growth rate of fixed assets and foreign investment turned from a decline to an increase; the total export of goods achieved growth; the annual GDP achieved positive growth and sustained economic development. Looking forward to 2021, the annual GDP growth rate is expected to be around 8%. Comprehensive data analysis has concluded that: controlling the pandemic is a prerequisite for economic growth; new infrastructure is a strong driving force for economic development, and the “double cycle” is the new pattern of China's economic development in the future.
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