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Global Health Econ Sustain An analysis of national economic resilience

adapt to changes, adjust industrial structure, and restore epidemic can be assessed through the cumulative sum of
financial vitality after being shocked. Hence, according to the individual economic losses, including the cost of epidemic
literature, the national economic resilience should be analyzed prevention and control, loss of death and disability, sharp
or measured from the three dimensions of macroeconomy, reduction of salary, and so on (Jin and Qian, 2020).
industry, and financial system (Briguglio, 2003; Hallegatte, Changes in individual economic behavior and demand
2014; Klimek et al., 2019; Li et al., 2021; Sun et al., 2022). lead to changes in the supply of production factors and
In fact, macroeconomic, industrial structure, and financial commodity prices in various industries, which will finally
system are the three aspects that can best reflect a country’s be reflected in the development of various industries.
economic operation and development (Jin & Martinez- This paper studies the economic resilience in the
Vazquez, 2021). Therefore, this paper examines how long it industrial dimension, by analyzing the recovery of various
took for China’s economy to recover from the economic shock industries after the outbreak of the COVID-19 from the
of COVID-19 epidemic, and briefly analyzes the national two following perspectives (Table 2). First, we analyzed
economic resilience in China, through these three dimensions. the changes of industrial structure and its contribution to
Existing researches still could not reach an agreement economic growth, namely, the primary industry, secondary
on the measurement of national economic resilience. industry, and tertiary industry. Second, the epidemic caused
This paper provides a referential framework for its a great impact on many industries in China, especially the
measurement including macroeconomic, financial, and industries with population aggregation characteristics such
industrial dimensions, which represents a small step ahead as catering, tourism, transportation, and manufacturing
of the existing measurement framework. industries. Therefore, this paper focuses on the recovery of
these industries after the outbreak of COVID-19 epidemic,
4.1. Macroeconomic dimension so as to study the economic resilience in the industrial
This paper studies the economic resilience in the dimension.
macroeconomic dimension, by analyzing the recovery of
China’s macroeconomy after the shock of the COVID-19 4.3. Financial dimension
from the two following perspectives. First, gross domestic This paper studies the economic resilience in the financial
product (GDP) is one of the most important indicators dimension, by analyzing the recovery of financial system
used to measure the economic development of a country after the shock of the COVID-19 from the three following
(Shao et al., 2022). We analyzed not only the quarterly perspectives. First, we analyzed the money supply after the
GDP and its year-on-year growth rate but also the outbreak of the epidemic by observing the growth rate of
contribution of consumption, investment and net exports M0, M1, and M2 and the interbank offered rate (Table 3).
to GDP growth (Table 1), so as to examine the general Second, we analyzed the situation of financial institutions
situation and structure of GDP. Second, the epidemic represented by commercial banks, through observing
caused people’s psychological panic and fear, which the profits and risks of commercial banks. The profit is
would affect their consumption and investment behavior, expressed by the quarterly profit of commercial banks,
and then affect macroeconomic development. When a while the risk is expressed by the proportion of non-
feeling of uncertainty caused by epidemic permeates a performing loan (NPL) ratio (Table 3). Third, we analyzed
society, consumers may reduce their current consumption the impact of the COVID-19 on the financial market,
and investment and reserve more cash to deal with the mainly on the stock market, bond market, and foreign
uncertainty, while entrepreneurs may reduce production exchange market, which are respectively represented by
and investment to reduce the potential economic losses the shanghai composite index, bond issuance, and the
caused by the epidemic. It is clear that the negative impact exchange rate of US dollar against Chinese Yuan (Table 3).
of the epidemic on public psychology and behavior will
hinder economic development in short term. Therefore, 5. Results
this study adopted indices, such as purchasing managers’ 5.1. Macroeconomic dimension
index (PMI), consumer confidence index, and economist
spot prosperity index (Table 1), which are commonly used 5.1.1. GDP
to measure microeconomic psychology and behavior, to The COVID-19 epidemic seriously crashed the stability of
analyze the development trend of China’s macroeconomy. GDP growth in the short term (Figure 2). In the past few
years, the quarterly GDP growth rate of China was stable
4.2. Industrial dimension at 6 – 7% year-on-year. However, after the outbreak of
The COVID-19 has seriously impacted the development of COVID-19, the GDP growth rate in the first quarter of 2020
various industries in China. The economic impact of this dropped to −6.8%, and the negative growth continued until

Volume 2 Issue 2 (2024) 5 https://doi.org/10.36922/ghes.1842