Assessing the Impact of the COVID-19 Pandemic on the Economies of China and Russia

Assessing the Impact of the COVID-19 Pandemic on the Economies of China and Russia

Автор: Li Zhimeng, Lukin E.V., Sheng Fangfu, Zeng Wenkai

Журнал: Economic and Social Changes: Facts, Trends, Forecast @volnc-esc-en

Рубрика: Global experience

Статья в выпуске: 5 т.14, 2021 года.

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The COVID-19 pandemic has significantly affected economic development in countries around the world. It aggravated existing problems and increased the demand for economic transformation, modernization and qualitative development, triggered a new technological reform, which led to the emergence of new economic business forms and new consumption. The article assesses the impact of the COVID-19 pandemic on the economies of China and Russia. To achieve this goal, we review the state of business activity in the manufacturing and non-manufacturing sectors of the national economy, and summarize the main measures of the anti-pandemic policy implemented by the Chinese and Russian governments. We look into the dynamics of functioning of offline economic spheres that are aimed at personal communication (tourism, catering, retail, transport, culture, entertainment), as well as online spheres implying human-computer interaction (electronic retailing, express delivery, remote work, telemedicine) in the context of the COVID-19 pandemic. We make conclude that the extent of COVID-19 impact on the economy depends on the effectiveness of measures for its prevention and control. We are convinced that at the moment it is necessary to correlate these measures with economic and social development policies, and take into consideration increased consumption as an important aspect of mitigating the effects of COVID-19, accelerate the transformation and modernization of traditional industries, actively develop new economic business forms and build a more open monetary circulation both within the country and globally, thus enhancing the role of the state in global supply chains.

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China, Russia, COVID-19 pandemic, economy, impact

Короткий адрес: https://sciup.org/147234820

IDR: 147234820   |   DOI: 10.15838/esc.2021.5.77.16

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