Authors: Zhifang Liu; Yuguo Tang
Addresses: The Open University of China, No. 75, Fuxing Road, Beijing 100039, China ' Justin-Siena High School, 4026 Maher St, Napa, CA 94558, USA
Abstract: The continued spread of the COVID-19 has aroused widespread public concern and worries about the world economy. As a stabiliser and power source for global economic growth, China's economic growth is driving global economic development. First, this article conducts a retrospective analysis of China's economic growth in the past two decades and finds that the impact of external factors such as the SARS epidemic and the Wenchuan earthquake on China's economic growth is temporary. Secondly, this article elaborates on the expansionary fiscal policy and moderately loose monetary policy implemented by the Chinese Government in the context of the pandemic, and it analyses the effectiveness and applicability of macroeconomic policies. Thirdly, this article connects with Western macroeconomic theory and external imbalance theory to make further analysis of the current macroeconomic policy.
Keywords: COVID-19 pandemic; economic growth; fiscal policy; monetary policy.
International Journal of Chinese Culture and Management, 2022 Vol.5 No.2, pp.165 - 177
Received: 21 Jul 2020
Accepted: 07 Sep 2020
Published online: 26 May 2022 *