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China: Interpreting the Economic Impact of the COVID-19 Pandemic in the Context of National Goals

In: Economists and COVID-19

Author

Listed:
  • Olga Borokh

    (Institute of China and Contemporary Asia)

Abstract

The urgent task of combining anti-epidemic measures with restoring economic activity was the most important focus for Chinese economists up to mid-2020. The main research topic was the growth rates required to meet the national goal of overcoming extreme poverty in 2021. China rapidly entered the post-COVID-19 era. Economists began to discuss the future of globalisation and the sustainability of global value chains. In the context of the normative concept of ‘the profound changes unseen in a century’, COVID-19 was interpreted as one of the multiple factors driving these changes. Economists took an active part in preparing a new five-year plan of socioeconomic development. Xi Jinping’s meeting with leading Chinese economists in August 2020 was of great symbolic significance, since it highlighted the prestige of the profession in the eyes of the authorities. The new policy of ‘dual circulation’ responded to the effects of the pandemic and the deteriorating external economic environment. In 2021 Chinese economists focused on this policy, along with the tasks involved in the long-term development of China’s economy and how to achieve ‘the second centenary goal’ of comprehensive national modernisation by the middle of the century.

Suggested Citation

  • Olga Borokh, 2022. "China: Interpreting the Economic Impact of the COVID-19 Pandemic in the Context of National Goals," Springer Books, in: Andrés Lazzarini & Denis Melnik (ed.), Economists and COVID-19, chapter 0, pages 9-25, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-05811-0_2
    DOI: 10.1007/978-3-031-05811-0_2
    as

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