The association of COVID-19 nexus on China's economy: A financial crisis or a health crisis?

This paper analyses the interaction between the novel coronavirus pandemic (COVID-19), unemployment rate, stock market, consumer confidence index (CCI), and economic policy uncertainty (EPU) index in China within a time-frequency framework. We compare the changes in economic indicators during the global financial crisis (GFC) and study the different impacts of the two events on China's economy. An unprecedented impact of COVID-19 shocks on the unemployment rate, CCI, EPU index, and stock market volatility over the low frequency bands is uncovered by applying the coherence wavelet method to China monthly data. The COVID-19 effect on the stock market volatility and the EPU index is substantially higher than on the unemployment rate and the CCI. On the contrary, the GFC's impact on the unemployment rate is much greater than that on the EPU index and CCI. Additionally, the impact of the GFC on the economy is more cyclical in the long-term, while the COVID-19 pandemic is a short-term shock with a relatively short oscillation cycle. This study concludes that the economic impact of COVID-19 will not spread into a financial crisis for China and believe that the COVID-19 pandemic is more of a health event than an economic crisis for Chinese economy.

China Public Psychology Analysis About COVID-19 Under Considering Sina Weibo Data.

COVID-19 not only poses a huge threat to public health, but also affects people's mental health. Take scientific and effective psychological crisis intervention to prevent large-scale negative emotional contagion is an important task for epidemic prevention and control. This paper established a sentiment classification model to make sentiment annotation (positive and negative) about the 105,536 epidemic comments in 86 days on the official Weibo of People's Daily, the test results showed that the accuracy of the model reached 88%, and the AUC value was greater than 0.9. Based on the marked data set, we explored the potential law between the changes in Internet public opinion and epidemic situation in China. First of all, we found that most of the Weibo users showed positive emotions, and the negative emotions were mainly caused by the fear and concern about the epidemic itself and the doubts about the work of the government. Secondly, there is a strong correlation between the changes of epidemic situation and people's emotion. Also, we divided the epidemic into three period. The proportion of people's negative emotions showed a similar trend with the number of newly confirmed cases in the growth and decay period, and the extinction period. In addition, we also found that women have more positive emotional performance than men, and the high-impact groups is also more positive than the low-impact groups. We hope that these conclusions can help China and other countries experiencing severe epidemics to guide publics respond.

COVID-19: Short-Term Influence on China's Economy Considering Different Scenarios.

Recently, most countries have entered the outbreak period of the novel coronavirus epidemic. This sudden outbreak has caused a huge impact on the global economy, which has intensified the division of globalization and the recession of the global economy. Although the epidemic situation in China has gradually stabilized, the severe situation in the world still inevitably impacts China's economy. Based on the uncertainty of future epidemic, this paper sets up three scenarios to analyze the impact of the epidemic on China's economy. The first is that in June, the epidemic both at home and abroad is under control without rebound; the second is that the domestic epidemic is basically controlled but the foreign situation is not effectively controlled; the third is that the epidemic situation in China has a serious rebound due to the influence of the imported cases from abroad, which destroy the economy again. At the same time, some corresponding guidelines are put forward for the recovery of economy, and to minimize the economic losses as well as accelerate the pace of national economic recovery. In addition, it is believed that these suggestions may have certain reference value to other countries.