The Impact of COVID-19 on China’s Economy
(a) the impact on the labor market
(b) the fiscal and monetary policy response (see, for example, China's policy response under https://www(dot)imf(dot)org/en/Topics/imf-and-covid19/Policy-Responses-to-COVID-19; there are many other sources, of course)
(3) You obviously need to expand everything, provide more details, data, and graphs. Make sure to include in-text citations to support your arguments, not forgetting to indicate where the data come from.
(4) Regarding the introduction, you should try to captivate the reader from the start. Use some data (not forgetting to indicate the source) or (vivid) examples of the economic impact of the pandemic. This section should be about a page long.
(5) Make sure to include a bibliography section at the end of your work, containing all your (detailed) references.
(6) Your draft is written as if we are in the first/second quarter of 2020 (you mostly use present and future tense for events that already occurred or are happening right now). We have already seen the short-term impact of the pandemic, have a good idea of how different industries were affected, have observed the rise in big tech, online learning, and so on. Hence, I suggest that you use past tense for things that have already happened and future tense for the potential long-term effects of the pandemic.
Advice on Writing Your Essay
- · Content
o This is what matters most
o Try to exhaust your topic
o Assume that your reader has some background in economics
- · Structure o Title
- § What your paper is about o Introduction
- § Introduce your topic, implicitly demonstrate its importance, highlight the main points of your work, and (possibly) outline the structure of your paper.
- § Try to captivate the reader from the start (include some numbers and/or stylized facts, not forgetting to mention the source).
o Body
§ Try to cover all aspects of your chosen topic
o Concluding section § Keep it brief
- § Try not to repeat your introduction
o References
§ Detailed list of references § Not just hyperlinks
Writing style
- oThe style of your essay should be academic (objective, formal, precise, and cautious).
o Your statements should be based on facts, not on personal opinion. You should support them by references to academic papers, journal articles, and data sources.
o Citations
§ Economic papers usually follow the author-year system
- · Include in-text citations, Author (Year).
- · Detailed list of references in a bibliography section at the end of your work.
Impact of Covid-19 on China’s Economy
Student’s Name
Professor’s name
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Course Tittle
Date
Impacts of Covid-19 on China’s Economy
Introduction
Health is one of the fundamental pillars of every economy. When health is threatened, then the labor factor is affected, the expenditure and consumption are reduced. If labor and purchasing power is lost, then the economy will be significantly and negatively affected. The unexpected outbreak of Covid-19, which was first reported in Wuhan, China, greatly influenced the economy globally. Covid-19 is a respiratory disease that is caused by severe acute respiratory syndrome (SARS) coronavirus, which is associated with severe symptoms that lead to intensive care unit (ICU) admissions and a high rate of mortality (Huang et al. 2020). The high mortality rate and ability to spread fast made it declared global by the World Health Organization (WHO).
The pandemic struck the global economy with much impact being felt in tourism, transport, entertainment, and catering leading to mass losses as the national economic development suffers the short-run effects (Pan, 2021). Research shows that in the first three months since the pandemic outbreak, the suspension of air transport resulted in revenue losses of about 4.1 billion dollars in the air transport industry. Meanwhile, Vietnam's tourist industry has lost $7.7 billion due to the cancellation of Chinese tours and the general recession in domestic and international travelers and tourism activities in China ( Pan, 2021). The pandemic has attracted many scholars' interest to understand its various impacts on several industries, such as technology and manufacturing, means of production such as labor, and most notably on the fiscal and monetary policies of China and the entire world. These studies have revealed the classifications of the industries that have suffered minor, such as Amazon's big-tech companies (Palmer, 2020). This paper focuses on China’s labor market and its fiscal and monetary policy responses following the disease outbreak.
Impact on Chinese Labor Market
The labor market is a sensitive sector of the economy regarding health matters, and it is directly responsible for economic development. For the economy to receive quality and enough labor, those who have the needed skills should be healthy. Several kinds of research have been carried out to establish the relationship between health and work. One of the findings provides that health is a crucial determinant of labor force participation, earnings, retirement, job turnover, and numerous other labor market outcomes (Sääksvuori, Vaalavuo, Linnosmaa, 2018). When the pandemic broke out in China, the Chinese labor market was greatly affected. The strange issue with the disease is that despite being healthy and uninfected, several control measures must be put in place to manage the spread of the disease. These measures, in return, affected the labor market, especially employment and income rates.
For instance, lockdowns and quarantines highly affect the rate of unemployment in rural areas. Some could not report to any work, which made them lose their source of income. Statistics from previous research on quarantine and lockdown effects show that 74% said that villagers had stopped working due to workplace closures among the village informants. The movement of people from rural to town centers was complex, with 82% of village informants who reported that local public transportation had ceased operating (Wang, 2021). It explains that there will be less consumption of transport services by these people who lost their jobs, which negatively impacts China's economic development. Apart from the loss of employment, the labor market has also seen the government set aside relief funds offered to those in need. These relief donations strained the economic development because the money which could have been used for development was transferred to citizens. In summary, the disease affected the Chinese labor market following the death of employees, closure of business, loss of jobs, and reduced government revenue.
Fiscal and Monetary Policies
China is one of the economies that has responded to the Covid-19 by changing its fiscal and monetary policies. As discussed by many scholars, since the outbreak, many people have been infected, and others have lost their lives. It has forced China to invest in a large-scale lockdown, which has affected millions of her population economically. As a result, it has led to negative impacts on China's economic development. Despite the inability to predict the future implications, at least in the short run, it can be understood that these spread-control measures of the disease are affecting consumption and employment, making higher expectations of economic growth rate go...