Economic Impact of COVID-19 on China: A Comparative Analysis of SARS

Abstract

The COVID-19 outbreak in China at the beginning of 2020 not only threatens people's lives and disrupts normal social order, but also brings a great impact to China's economy. As an emergency public health event, the economic environment of COVID-19 has changed greatly compared with the SARS epidemic in 2003. It is of great theoretical significance and practical value to explore the impact of the COVID-19 epidemic on the economy. By comparing and analyzing the specific national conditions, international background and development stage of the SARS epidemic in 2003 and the COVID-19 epidemic in 2020, this paper explores the respective impacts of the two epidemics on various industries of the economy. The results show that the two epidemics have different impacts on various industries of economy. In order to properly deal with the economic crisis caused by the epidemic, we must adopt targeted policies based on the specific background and national conditions of the outbreak.