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Global Health Econ Sustain An analysis of national economic resilience

operations except for those involved in transporting and emerging technologies were applied to the market
basic living materials. At the same time, almost all during the epidemic, unleashing the development
transportation and postal orders were suspended, resulting potential of this industry. For examples, the QR code and
in a large backlog of goods. Therefore, after the epidemic artificial intelligence technology were applied to epidemic
was controlled and the closure measures were lifted, there prevention and control; the unmanned aerial vehicles
was a huge rebound in the fourth quarter of 2020. Finally, were used to transport goods without touching each other.
the year-on-year growth rate returned to its original level Despite the controversy surrounding the application of
in the third quarter of 2021. these emerging technologies, it is undeniable that these
The COVID-19 epidemic also delivered a huge blow technologies have brought tremendous convenience to
to the manufacturing industry in China (Figure 10). The people and thus shown great commercial potential in this
closure policy forced the termination of production in epidemic.
almost all enterprises, except for a few enterprises that
produce essential goods, such as masks and medical 5.3. Financial dimension
materials. The shutdown of enterprises has caused a series
of problems, including the inability to afford land rent, 5.3.1. Money supply
increased loan interest, and reduced cash flow, resulting The monetary policy experienced a process of easing first
in the bankruptcy of many small- and medium-sized and then tightening after the outbreak of the COVID-19
enterprises. The disruption of the supply chain directly leads epidemic in China (Figure 12). As mentioned earlier, the
to the imbalance between supply and demand, leading to the strict closure measures in the epidemic severely affected
abnormal rise of the price level. However, with the control of consumption, investment, and most industries in China.
the epidemic and the gradual resumption of production, the To stimulate short-term economic growth, the central
manufacturing industry has rebounded strongly. This is not bank adopted a loose monetary policy, which significantly
only because enterprises had a large backlog of production elevated the growth rate of M0, M1, and M2 from January
orders but also because the active fiscal policy and loose
monetary policy greatly increased investment. to December 2020.
Despite the negative impact of the COVID-19 on
most industries, the unexpected public health crisis also
brought many development opportunities for some
industries, such as medical and information technology
industries (Figure 11). Obviously, this large-scale epidemic
stimulated the development of the health and social work
industry. To treat thousands of confirmed cases, a huge
number of medical equipment and materials, as well as
medical staff, were required. Moreover, even uninfected
individuals needed plenty of medical materials, such as
mask, to prevent themselves from acquiring this highly
contagious infectious disease.
In addition, closure and isolation measures have Figure 10. Added value and growth rate of manufacturing industry
shifted many communications, exchanges and work from
“offline” to “online,” promoting the vigorous development
of the information transmission, software and IT
services industry. For examples, a growing population
of consumers, especially the younger generation, grow a
preference for online purchase of daily food; many schools
even moved their classrooms to the Internet; governments’
administrative work could be handled on the Internet. This
industry would continue to grow with a rapid development
momentum for a long time after the epidemic.
Similarly, the scientific research and technology
services industry was also bestowed upon good
development opportunities in this epidemic. Many new Figure 11. Added value of other important industries

Volume 2 Issue 2 (2024) 10 https://doi.org/10.36922/ghes.1842