The Impact of COVID-19 on National Economic Development: Evidence from China and Japan

DOI

10.2991/assehr.k.211209.189How to use a DOI?

Keywords

Covid-19; Economic Development; China; Japan

Abstract

The outbreak of COVID-19 at the end of 2019 has significantly devastated the global economy from country to country. Different countries utilize distinct methods to prevent tragic economic loss. This essay evaluates two countries that share a similar trading strategy of importing raw material, China and Japan, under the sudden pandemic outbreak through a variety of indicators, such as the trend of their GDP, crude oil imports, and suppliers weights of their imports. The results of the data evaluation reveal the difference between the decline in the Japanese economy and the surge in the Chinese economy is mainly caused by the fact that China has significantly more diverse raw material suppliers with reasonable weights along with its substantial economic domestic storage and immediate adjustments on trading policy right after the outbreak of the pandemic. Our findings echoed previous studies on how each country should alter in the future, where globalization will continue to take place. Developing countries need to establish more trading partners who would prevent them from being solely dependent, while developed countries should use their advantage of strong and stable economic status around the world and enhance their mobility by establishing trading intermediates.

Copyright

© 2021 The Authors. Published by Atlantis Press International B.V.

Open Access

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

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TY  - CONF
AU  - Xinyang Wang
PY  - 2021
DA  - 2021/12/15
TI  - The Impact of COVID-19 on National Economic Development: Evidence from China and Japan
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 1164
EP  - 1168
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.189
DO  - 10.2991/assehr.k.211209.189
ID  - Wang2021
ER  -