Covid-19 pandemic as an accelerator of economic transition and financial innovation in China. Issue 4 (1st October 2020)

• Record Type: Journal Article
• Authors: Ba, Shusong; Bai, Haifeng
• Is Part Of: Journal of Chinese economic and business studies. Volume 18:Issue 4(2020)
• Page Start: 341
• Page End: 348
• Publication Date: 2020-10-01
• Subjects: Covid-19 -- economic transition -- financial innovation; China -- Economic conditions -- Periodicals; 330.951
• DOI: 10.1080/14765284.2020.1855394
• Languages: English
• ISSNs: 1476-5284

Abstract

ABSTRACT: The Covid-19 pandemic has had a significant impact on the financial sector and real economy around the world. China's economy has recovered rapidly from Covid-19. The main reasons are that China has an ample policy toolbox and paid more attention to the recovery supply-side. The Covid-19 pandemic has been an accelerator of China's digital economy and has established a 'dual circulation' development pattern. Digital technology-supported inclusive finance and supply chain finance were the key to a rapid recovery. Financial innovation has ensured that the companies quickly resumed production. China still insists on the reform and opening up of its financial sector. In a word, the Covid-19 pandemic has been an accelerator of economic transition and financial innovation in China.