Transformation of the Socio-economic Model of China in the Context of a Pandemic

The article explored the impact of the pandemic and the ensuing quarantine on the Chinese economy and its attractiveness to foreign investors. At the end of the first quarter of 2020, there was a sharp decline in almost all Chinese socio-economic indicators. The year to year decline in GDP, retail s...

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Autores principales:	S. A. Lukonin, E. O. Zakliazminskaia
Formato:	article
Lenguaje:	EN RU
Publicado:	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”) 2020
Materias:	china economy coronavirus pandemic quarantine economic growth domestic consumption foreign trade dual circulation strategy foreign direct investment International relations JZ2-6530
Acceso en línea:	https://doaj.org/article/961f495a393c440285098b10eafb2299
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spelling	oai:doaj.org-article:961f495a393c440285098b10eafb22992021-11-07T14:45:05ZTransformation of the Socio-economic Model of China in the Context of a Pandemic2542-02402587-932410.23932/2542-0240-2020-13-6-11https://doaj.org/article/961f495a393c440285098b10eafb22992020-12-01T00:00:00Zhttps://www.ogt-journal.com/jour/article/view/709https://doaj.org/toc/2542-0240https://doaj.org/toc/2587-9324The article explored the impact of the pandemic and the ensuing quarantine on the Chinese economy and its attractiveness to foreign investors. At the end of the first quarter of 2020, there was a sharp decline in almost all Chinese socio-economic indicators. The year to year decline in GDP, retail sales and exports by 6.8%, 19% and 11.4% respectively, looked especially dramatic. Against that negative background, the question arose, firstly, about the urgent launch of the program to stimulate the economy and, secondly, the need to develop and implement a new model of economic development for the PRC.After a slight delay, the Chinese authorities launched a series of fiscal and monetary measures aimed at supporting the national economy, including: reducing or canceling various payments to the budget (taxes, social security contributions, etc.), reducing loan rates, the ratio of reserve requirements, direct and indirect payments to citizens, etc.Thanks to government support measures, the main socio-economic indicators for the third quarter of 2020 showed growth, although less than Beijing would like. The lack of private consumption by Chinese households remains the main problem.Implementing support measures, the Chinese authorities have unveiled a new strategy for economic development, called «dual circulation», which aims to stimulate domestic private consumption.The authors come to the conclusion that, firstly, despite external and internal challenges, China, as a whole, will be able to achieve the indicative indicators laid down in the 13th five-year plan for the social and economic development of the PRC for 2016-2020. Secondly, the tasks of complete elimination of poverty in the country will be successfully solved and plans for the construction of a society of «moderately prosperous society» will be implemented. Thirdly, China in the short and medium term will retain its attractiveness for foreign investment, but not within the framework of the «investment in the production of goods for export» scheme, but within the framework of «investment in the production of goods for domestic consumption».S. A. LukoninE. O. ZakliazminskaiaАссоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)articlechinaeconomycoronaviruspandemicquarantineeconomic growthdomestic consumptionforeign tradedual circulation strategyforeign direct investmentInternational relationsJZ2-6530ENRUКонтуры глобальных трансформаций: политика, экономика, право, Vol 13, Iss 6, Pp 198-216 (2020)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	china economy coronavirus pandemic quarantine economic growth domestic consumption foreign trade dual circulation strategy foreign direct investment International relations JZ2-6530
spellingShingle	china economy coronavirus pandemic quarantine economic growth domestic consumption foreign trade dual circulation strategy foreign direct investment International relations JZ2-6530 S. A. Lukonin E. O. Zakliazminskaia Transformation of the Socio-economic Model of China in the Context of a Pandemic
description	The article explored the impact of the pandemic and the ensuing quarantine on the Chinese economy and its attractiveness to foreign investors. At the end of the first quarter of 2020, there was a sharp decline in almost all Chinese socio-economic indicators. The year to year decline in GDP, retail sales and exports by 6.8%, 19% and 11.4% respectively, looked especially dramatic. Against that negative background, the question arose, firstly, about the urgent launch of the program to stimulate the economy and, secondly, the need to develop and implement a new model of economic development for the PRC.After a slight delay, the Chinese authorities launched a series of fiscal and monetary measures aimed at supporting the national economy, including: reducing or canceling various payments to the budget (taxes, social security contributions, etc.), reducing loan rates, the ratio of reserve requirements, direct and indirect payments to citizens, etc.Thanks to government support measures, the main socio-economic indicators for the third quarter of 2020 showed growth, although less than Beijing would like. The lack of private consumption by Chinese households remains the main problem.Implementing support measures, the Chinese authorities have unveiled a new strategy for economic development, called «dual circulation», which aims to stimulate domestic private consumption.The authors come to the conclusion that, firstly, despite external and internal challenges, China, as a whole, will be able to achieve the indicative indicators laid down in the 13th five-year plan for the social and economic development of the PRC for 2016-2020. Secondly, the tasks of complete elimination of poverty in the country will be successfully solved and plans for the construction of a society of «moderately prosperous society» will be implemented. Thirdly, China in the short and medium term will retain its attractiveness for foreign investment, but not within the framework of the «investment in the production of goods for export» scheme, but within the framework of «investment in the production of goods for domestic consumption».
format	article
author	S. A. Lukonin E. O. Zakliazminskaia
author_facet	S. A. Lukonin E. O. Zakliazminskaia
author_sort	S. A. Lukonin
title	Transformation of the Socio-economic Model of China in the Context of a Pandemic
title_short	Transformation of the Socio-economic Model of China in the Context of a Pandemic
title_full	Transformation of the Socio-economic Model of China in the Context of a Pandemic
title_fullStr	Transformation of the Socio-economic Model of China in the Context of a Pandemic
title_full_unstemmed	Transformation of the Socio-economic Model of China in the Context of a Pandemic
title_sort	transformation of the socio-economic model of china in the context of a pandemic
publisher	Ассоциация независимых экспертов «Центр изучения кризисного общества» (in English: Association for independent experts “Center for Crisis Society Studies”)
publishDate	2020
url	https://doaj.org/article/961f495a393c440285098b10eafb2299
work_keys_str_mv	AT salukonin transformationofthesocioeconomicmodelofchinainthecontextofapandemic AT eozakliazminskaia transformationofthesocioeconomicmodelofchinainthecontextofapandemic
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Transformation of the Socio-economic Model of China in the Context of a Pandemic

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