Analysis of the Different Policies of China and the United States against the Potential Financial Crisis in the Context of Covid-19

DOI

10.2991/aebmr.k.220405.273How to use a DOI?

Keywords

COVID-19; China; United States; Economy; “unlimited” quantitative easing policy; expansion of domestic demand

Abstract

The sudden outbreak of COVID-19 in 2020 has brought about major changes in the world landscape; this crisis is unprecedented and has great uncertainty due to its duration and intensity. The global economy is likely to experience its worst setback since the Great Depression, along with massive physical lockdowns in many countries around the world. This paper will briefly analyze and compare the different response strategies adopted by China and the United States in response to the epidemic under the severe test brought by COVID-19, as well as the positive or negative impact of different strategies and policies. The paper finds that with the continuous impact of Sino-US trade friction in 2019 and COVID-19 in 2020, the United States has suffered from a huge impact on the market demand and job market; in order to stimulate the economy, the United States has adopted an “unlimited” quantitative easing policy. The theory of this policy and its specific implementation plan is elaborated in the paper; this policy has relieved the pressure on the United States in the short term, but it has also laid many hidden dangers for the future. In comparison, China has developed a thorough and efficient strategy for the spread of Covid-19, which has brought about a turning point in economic recovery despite the impact of the global economy; through further expansion of domestic demand policies, the Chinese economy has a good prospect.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Haixiao Liu
PY  - 2022
DA  - 2022/04/29
TI  - Analysis of the Different Policies of China and the United States against the Potential Financial Crisis in the Context of Covid-19
BT  - Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)
PB  - Atlantis Press
SP  - 1638
EP  - 1643
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220405.273
DO  - 10.2991/aebmr.k.220405.273
ID  - Liu2022
ER  -