Effect of marine economic development pilot policies on regional economic resilience: Based on quasi-natural experiments from coastal areas in China

China began to implement marine economic development pilot policies from 2011 in order to promote land and marine development in a coordinated way, transform and optimize marine industrial layout, formulate and improve the policy and institutional construction of ocean development, promote marine economic power strategy, and improve the level of regional economic resilience in coastal area. Tourism industry is an important part of regional economy of coastal areas. Taking the marine economic development pilot policies as a quasi-natural experiment and based on the panel data of cities in coastal areas of China from 2007 to 2020, a multi-period difference-in-differences (DID) model was used to assess the impact of these pilot policies on regional economic resilience and tourism economic resilience. The results show that the implementation of marine economic development pilot policies can significantly promote regional economic resilience and tourism economic resilience. COVID-19, as a moderating variable, has significantly weakened the effect of marine economic development pilot policies on regional economic resilience. In terms of regional heterogeneity, the establishment of marine economic development pilots has a more significant policy effect on regional economic resilience in the central and southern coastal areas, while the policy effect on tourism economic resilience is more significant in the eastern coastal areas. In view of these findings, it is of great significance for cities to prevent systemic risks and improve regional economic resilience, by means of reasonably expanding marine economic development pilots and planning coastal regional economic systems according to local conditions. © 2023, Editorial office of PROGRESS IN GEOGRAPHY. All rights reserved.

Environmental regulation and corporate financialization: insight from Blue Sky Protection Campaign in China.

Environmental regulation restricts corporate pollution emissions and affects corporate investment decisions and asset allocation. Based on the data of A-share listed enterprises in China from 2013 to 2021 and the difference in differences (DID) model, this paper identifies the impact of environmental regulation on corporate financialization with the help of the "Blue Sky Protection Campaign (2018-2020)" (BSPC) of China. The results indicate that environmental regulation has a crowding-out effect on corporate financialization. Enterprises with stricter financing constraints receive more significant crowding-out effects. This paper provides a new perspective on the "Porter hypothesis." Under the constraint of financial resources and high environmental protection costs, enterprises carry out innovative activities and environmental protection investments by consuming financial assets to reduce the risk of environmental violations. The government's environmental regulation is an effective way to guide the financial development of enterprises, control environmental pollution, and promote enterprise innovation.

Local Fiscal Pressure and Enterprise Environmental Protection Investment under COVID-19: Evidence from China

Increasing local fiscal pressure and insufficient enterprise environmental protection investment are considerable problems in China. Based on the data of A-share-listed companies in heavily polluting industries in China from 2015 to 2021, this paper uses COVID-19 as an exogenous shock of local fiscal pressure and investigates the impact of local fiscal pressure on enterprise environmental protection investment by the continuous DID method. The study found that local fiscal pressure significantly reduces enterprise environmental protection investment and has a greater impact on non-state-owned enterprises, large enterprises, enterprises located in the "two-control-zone” cities and enterprises located in cities with low fiscal self-sufficiency rates. The mechanism of analysis shows that local governments ease fiscal pressure by "increasing revenue” and "cutting expenditure”. The former increases the non-tax burden of enterprises, while the latter reduces enterprise environmental protection subsidies, which leads to a decrease in environmental protection investment. The findings of this paper indicate that it is necessary to focus on solving the local fiscal pressure dilemma to increase green investment and achieve green development. © 2023 by the authors.

The impacts of pandemic on urban housing prices: evidence from the outbreak of COVID-19 in Beijing, 2020

Purpose: The COVID-19 pandemic has significantly raised economic risk and uncertainty worldwide. How does COVID-19 affect urban housing markets? Is there any difference when different areas encounter COVID-19? This study aims to investigate the impacts of the pandemic on housing prices by using Beijing's housing markets data in 2020. Design/methodology/approach: The authors use transaction-level data from April to September in 2020 to conduct a hedonic price analysis of the housing markets in Beijing. The data included 70,843 transactions scraped from a real estate agent's website. The authors use the difference-in-differences approach to evaluate the impacts of the COVID-19 outbreak from the Beijing Xinfadi market (the largest and most important food wholesale market in Beijing) in 2020. Findings: This outbreak of COVID-19 caused a 6.3% drop in housing prices in Beijing from April to September in 2020. However, the impacts of COVID-19 on housing prices in different urban neighbourhoods were spatially heterogeneous. Housing prices in neighbourhoods with industries that rely on face-to-face communication were more affected by the pandemic, while those that can work remotely were less affected. Originality/value: By investigating the impacts of COVID-19 on housing prices in Beijing, this study illustrates that urban housing prices would be impacted by the pandemic, at least in the short term. While the rise and fall of housing prices were found spatially heterogeneous in Beijing, it suggests that urban neighbourhoods with specific socioeconomic characteristics and geographic locations would unfold different resilience when encountering pandemic. By using data scraping and rigorous statistical tools, the study is probably one of the first ones examining the consequences of COVID-19 in intra-urban housing markets. © 2023, Emerald Publishing Limited.

Housing market price movements under tech industry expansion during COVID-19

PurposeThis study aims to analyze the impact of technology-based corporation relocation on housing price indices during COVID-19 within the metropolitan areas of Austin, Texas and Seattle/Bellevue, Washington.The corporations under observation were Tesla and Amazon, respectively. The analysis intends to understand economic drivers behind the housing market and the radius of its effect while including fixed and random effects.Design/methodology/approachThis study used a difference-in-difference (DID) method to evaluate changes in housing price index near and further away from Tesla's and Amazon's new corporate locations. The DID method allows for the capture of unique regional characteristics, as it requires a treatment and control group: housing price index and 5-mile and 10-mile search radii centered from the new corporate location.FindingsThe results indicated that corporate relocation announcements had a positive effect on housing price index post-pandemic. Specifically, the effect of Tesla's relocation in Austin on the housing price index was not concentrated near the relocation site, but beyond the 5- and 10-mile radii. For Seattle/Bellevue, the effect of Amazon's relocation announcement on housing price index was concentrated near the relocation site as well as beyond a 10-mile radius. Interestingly, these findings suggest housing markets incorporate speculation of prospective economic expansion linked with a corporate relocation.Originality/valuePrevious literature assessed COVID-19 housing market conditions and the economic effects of corporate relocation separately, whereas this study analyzed the housing price effects of corporate relocation during COVID-19. The DID method includes spatial and temporal analyses that allow for the impact of housing price to be observed across specified radii rather than a city-wide impact analysis.

COVID-19 online teaching intervention and learning performance of college foreign language students.

This quasi-natural experimental study examined an online teaching intervention implemented in response to COVID-19 in China in 2020. It applied the difference-in-difference model to examine the impact and path of the intervention on students' learning performance of a college foreign language (LPCFL). Based on data from records of withdrawing and changing courses, classroom learning, and teaching evaluations; a questionnaire survey of teachers and students; and relevant school documents during the last seven terms, the results indicated that the online teaching intervention could significantly improve students' LPCFL. This finding remained robust after adopting a placebo test approach to mitigate possible endogeneity issues. Additionally, this study also conducted a group test through sub-sample regression based on students' discipline characteristics and intervention organization methods. The results showed that the students who participated in the intervention significantly improved in the three disciplines: humanities was most significantly affected, science and engineering were least significantly affected, and economics and management were in the middle. A range effect was observed for organizational methods. The two downward transmission methods by college teaching management terms had significant positive effects, whereas the other two methods of downward transmission by college student management had significant negative effects. An analysis of the action mechanism indicated that the online teaching intervention mostly improved LPCFL through two channels: students' learning input and learning support. Overall, these findings not only help expand the research framework on macro environmental intervention policy and micro-learning behavior but also have implications for the in-depth understanding of the real learning effect of online learning interventions for college students and their design in the post-COVID-19 era.

The pricing of European airbnb listings during the pandemic: A difference-in-differences approach employing COVID-19 response strategies as a continuous treatment.

The COVID-19 pandemic has been a major shock to the global tourism industry. Given its peculiarity, this paper analyzes one of the most intriguing questions in the Airbnb literature - the pricing of Airbnb listings - by taking advantage of a difference-in-differences methodology that largely draws on variations in country-level policy responses to the pandemic. Relying on a dataset containing weekly information from 130,999 continuously active listings across 27 European countries from 2019 to 2020, this study first investigates the exogenous impact of response policies (proxied by the COVID-19 Stringency Index) on demand. Secondly, accounting for the endogeneity of both demand and prices, this research analyzes pricing responses to demand variations. Results show that: i) increases in the COVID-19 Stringency Index cause significant declines in Airbnb demand; ii) increases in demand cause, on average, increases in Airbnb prices; and iii) pricing strategies between commercial and private hosts differ substantially.

Does the creation of healthy cities promote municipal solid waste management? Empirical research in 284 cities in China.

In the context of the COVID-19 pandemic, the creation of healthy cities has become an important measure to deal with global public diseases and public health emergencies, and has had a profound impact on the management of municipal solid waste (MSW). This study exploits the Healthy Cities pilot (HCP) program established in 2016 as a natural experiment, and evaluates its impact on MSW management using the difference-in-difference (DID) method. The estimates show that the collection amount and harmless treatment capacity of MSW were increased by 15.66 and 10.75%, respectively, after the cities were established as pilot healthy cities. However, the harmless treatment rate was decreased by 3.544. This conclusion remains valid in a series of robustness tests, including parallel trend test, placebo test, propensity score matching (PSM)-DID, eliminating the interference of other policies, and eliminating the non-randomness of the policy. Mechanism analysis shows that the HCP program increased the collection amount and harmless treatment capacity of MSW by increasing the expenditure on MSW treatment. However, after a city was established as a pilot healthy city, the unsustainable high expenditure of local government on municipal sanitation led to the decrease in the harmless treatment rate of MSW. Moreover, heterogeneity analysis shows that the HCP program had a stronger impact on MSW management in cities with higher administrative levels, more obvious location advantages, and a larger size. Therefore, it is advisable to use the creation of healthy cities as an important tool to gradually improve MSW management, so as to realize the coordinated development of city construction and human health.

Does Cross-Border E-Commerce Promote Economic Growth? Empirical Research on China’s Pilot Zones

Whether the construction of China’s cross-border e-commerce (CBEC) comprehensive pilot zones can promote economic growth and social sustainable development is an important question worthy of discussion. This paper uses the difference-in-differences (DID) method to test the impact of the establishment of CBEC comprehensive pilot zones on economic growth and discusses the impact mechanism. The results are as follows. (1) The construction of CBEC comprehensive pilot zones can promote economic growth. After testing with parallel trend, placebo, and other robustness methods, the results are still valid. (2) The economic promotion effect of the construction of CBEC comprehensive pilot zones will be more evident in the coastal and eastern regions. The economic promotion effect of the first, second, and third batch of CBEC comprehensive pilot zones is clear. (3) The main ways that the construction of CBEC comprehensive pilot zones can facilitate economic growth are through urban digitalization, trade openness, and information service industry agglomeration.

Does CSR performance improve corporate immunity to the COVID-19 pandemic? Evidence from China's stock market.

This paper studies the role of corporate social responsibility (CSR) performance on corporate financial performance during the COVID-19 by examining a sample of Chinese listed firms. Based on the PSM-DID methodology, we find that the pandemic-induced decline in stock returns is stronger with more CSR engagement. The results remain robust even after the dynamic effect test and placebo test. It means CSR performance does not improve Chinese corporate immunity to the pandemic. This inadequate response of CSR could be due to the "relatively few good things effect". Furthermore, our study indicates that increasing awareness of responsible investment and improving the quality of CSR disclosure could facilitate CSR engagement in China.

The impact of land certification on cropland abandonment: evidence from rural China

Purpose>This study explores how the land tenure system helps in protecting land quantity during agricultural production by estimating the influence of land certification on cropland abandonment, its mechanisms and its heterogeneous effects among groups at the provincial, community and household levels.Design/methodology/approach>To deal with potential homogeneity concerns, the authors investigate the impact of land certification on the area of abandoned croplands using nationally representative panel data from the 2017 and 2019 China Rural Household Panel Survey on 15,000 households across 29 provinces and time-varying difference-in-differences and propensity score matching-difference-in-differences models.Findings>Land certification significantly contributes to the protection of land quantity during agricultural production, and it reduces the area of abandoned croplands by at least 4%. This effect is mainly achieved by improving soil fertility, promoting land transfer, increasing the availability of agricultural subsidies and raising agricultural income. However, while land certification benefits farmers in nonmajor grain-producing areas and western regions, in plain, remote and nonpolitically central villages, and farmers who have not undergone land transfer or land adjustment, it is not beneficial for others.Research limitations/implications>In the postepidemic era, food security based on the protection of the amount of cultivated land becomes increasingly important. It is realistic and inevitable to rationally use every inch of cultivated land and curb the cropland abandonment by strengthening land tenure system reform, especially in the case of the insecurity of land tenure.Practical implications>There are various factors affecting farmers' cropland abandonment, such as poor soil fertility, unavailable land transfer, too little agricultural subsidies and too low agricultural income, but the root cause is the insecurity of land tenure. Empirical evidence from rural China has shown that a clear definition and effective protection of property rights can help curb the cropland abandonment. Enhancing the land protection behavior of farmers through the reform of land certification and promoting the sustainable use of land are what the reform of land tenure system should be.Social implications>Cultivated land, as the material carrier and endowment basis of grain production, is of great importance to safeguarding national food security, especially in the postepidemic era. At the present stage, it is still necessary for most developing countries to strengthen the construction of land tenure system, to carry out land certification reform and to issue farmers with clearly defined and legally effective land certificates. Equally important, efforts also should be made to promote the diversified utilization of the achievements of the certification after the completion of land certification reform in China and other developing countries.Originality/value>Expropriation and occupation of croplands are essential in protecting land quantity during rapid urbanization, and so is reducing cropland abandonment during agricultural production;therefore, it deserves close attention. In this regard, this study estimates the impact of land certification on the area of abandoned croplands, examines its possible mechanisms and identifies its heterogeneous effects to test the applicability of the property rights theory in the Chinese context and enrich the relevant literature and provide Chinese evidence for other developing countries to strengthen the protection of land quantity, by deepening the reform of the land tenure system under different circumstances.

Housing market price movements under tech industry expansion during COVID-19

Purpose This study aims to analyze the impact of technology-based corporation relocation on housing price indices during COVID-19 within the metropolitan areas of Austin, Texas and Seattle/Bellevue, Washington.The corporations under observation were Tesla and Amazon, respectively. The analysis intends to understand economic drivers behind the housing market and the radius of its effect while including fixed and random effects. Design/methodology/approach This study used a difference-in-difference (DID) method to evaluate changes in housing price index near and further away from Tesla's and Amazon's new corporate locations. The DID method allows for the capture of unique regional characteristics, as it requires a treatment and control group: housing price index and 5-mile and 10-mile search radii centered from the new corporate location. Findings The results indicated that corporate relocation announcements had a positive effect on housing price index post-pandemic. Specifically, the effect of Tesla's relocation in Austin on the housing price index was not concentrated near the relocation site, but beyond the 5- and 10-mile radii. For Seattle/Bellevue, the effect of Amazon's relocation announcement on housing price index was concentrated near the relocation site as well as beyond a 10-mile radius. Interestingly, these findings suggest housing markets incorporate speculation of prospective economic expansion linked with a corporate relocation. Originality/value Previous literature assessed COVID-19 housing market conditions and the economic effects of corporate relocation separately, whereas this study analyzed the housing price effects of corporate relocation during COVID-19. The DID method includes spatial and temporal analyses that allow for the impact of housing price to be observed across specified radii rather than a city-wide impact analysis.

Is Emissions Trading Scheme (ETS) an Effective Market-Incentivized Environmental Regulation Policy? Evidence from China's Eight ETS Pilots.

Climate change and environmental issues caused by carbon emissions have attracted the attention of governments around the world. Drawing on the experience of the EU, China is actively developing a national carbon emissions trading market, trying to encourage emission entities to incorporate carbon emissions reduction into production and consumption decisions through carbon pricing. Is this scheme an effective market-incentivized environmental regulatory policy? Since China successively launched ETS pilots in 2013, the effectiveness of reducing carbon emissions has become one of the current focus issues. This study uses the difference-in-differences (DID) method to evaluate the impact of ETS implementation on emissions reduction and employs the Super-SBM model in data envelopment analysis (DEA) to evaluate the emission-reduction efficiency of eight ETS pilots in China. We find that the carbon trading policy has achieved emission-reduction effects in the implementation stage, and the greenness of economic growth has a significant positive impact on regional GDP. The establishment of China's unified carbon market should be coordinated with regional development. Some supporting measures for regional ecological compensation and the mitigation of regional development are yet to be adopted.

Impact of WeChat public platforms on blood donation behavior: a big data-based study

Purpose: The purpose of this paper is to explore the impact of WeChat public platforms (abbreviated as WPP) on blood donation behavior using data from the platforms’ backend and information system. Design/methodology/approach: First, this paper established a time-varying difference-in-difference (DID) model to evaluate the change before and after following the WPP under normal scenarios. The difference-in-difference-in-difference (DDD) method was further used to analyze the heterogeneous effects of gender, age, occupation and education. Second, a logit model was used to examine the impact of WPP on blood donation behavior under emergency scenarios (i.e. COVID-19). Findings: The research shows that following WPP has a positive impact on donation volume. For each donor, the average blood donation volume after following WPP increased by 12.94% compared to before following. The WPP has a greater impact on groups with males, medical staff, middle-aged individuals and those with primary school education. Following WPP also enhanced blood donation behavior in emergency scenarios. During the COVID-19 pandemic, the probability of fans donating blood was 2.6% higher than non-fans, and the average blood donation volume of fans was 7.04% higher than non-fans, which was 5.9% lower than in normal scenarios. Originality/value: For theory, this paper quantified the impact of WPP on blood donation behavior in normal and emergency scenarios and addressed the research gap surrounding the impact exerted by social media on blood donation behavior. For methodology, the time-varying DID model, DDD model and logit model were applied to the field of blood donation, which expanded the application scenarios. For practice, the findings are of great significance for recruiting blood donors and providing evidence for promotion on WPP. © 2022, Emerald Publishing Limited.

Monitoring the CO2 Emission Trajectory and Reduction Effects by ETS and Its Market Performances for Pre- and Post-pandemic China.

The COVID-19 pandemic has caused great shocks on economic activities and carbon emissions. This paper aims to monitor the CO2 emission trajectory in China before and after the pandemic outbreak, and analyze the emission reduction effects by ETS and its market performances, which are important determinants underlying the trajectory and key drivers for emission reductions. We firstly find out a rather consistent trajectory of CO2 emissions in pre- and post-pandemic China over a 2-year time horizon, using the near-real-time datasets of daily CO2 emissions by Carbon Monitor and applying the Cox-Stuart trend test and mean equality test. We then examine the emission reduction effects by China's carbon ETS and its pilot market performances, using the methodologies of DID and PSM-DID as well as pre-pandemic region-level emission datasets by CEADs. Furthermore, it's found that the ETS pilot markets, which are immature with defects, have been performing more vulnerably in terms of liquidity and transaction continuity under pandemic shocks, thus undermining the emission reduction effects by ETS. These findings are providing insights into further mechanism design of the carbon ETS to the end of steady emission reductions even under shocks for post-pandemic China. It's of particular importance now that the nationwide market has been launched and needs to be enhanced based on lessons learned.

Does the opening of high-speed railways improve urban livability? Evidence from a quasi-natural experiment in China

With the spread of “urban disease”, urban livability has aroused common concern in academic circles at home and abroad. High-speed railway opening is substantially affecting the development of cities. Based on the data of 271 cities in China from 2005 to 2018, this paper applies the entropy method to calculate urban livability level, and then the difference-in-differences (DID) model and mediatory effect model are constructed to test the impact and mechanism of high-speed railway (HSR) opening on urban livability. The findings show that: (1) Overall, HSR opening has significantly improved urban livability by 13.04%. After alleviating the endogenous problem and conducting a series of robustness tests, the conclusions are still valid. (2) Mechanism analysis indicates that HSR opening improves urban livability by promoting economic growth, talent agglomeration and industrial structure upgrading. Among them, the industrial structure upgrading effect is the strongest, followed by talent agglomeration and economic growth. (3) The heterogeneity analysis shows that the promotion effect of HSR opening on urban livability is more significant in the central and western regions and large-sized cities. Accordingly, the feasible path to improve urban livability through HSR opening is proposed. Finally, in the face of the impact of the COVID-19 pandemic on the world economy, more channels to enhance urban livability are expected to cope with the future “the global talent war”.

‘Wild Your weekends' promotion and its effect on traffic recovery during COVID-19 pandemic

China Eastern Airlines launched a ‘Wild Your Weekends' programme offering buyers an unlimited number of free trips during weekends, which is unprecedented in the Chinese airline market and also rare around the world. However, it is unclear whether such a promotion is effective in improving airlines’ liquidity. This study adopts the difference-in-differences (DID) method to empirically examine the impacts of this promotion programme on traffic volumes, ticket prices and revenues of China Eastern and its competitors. Our estimations suggest that this programme has overall helped China Eastern improve its liquidity. On one hand, the carrier was forced to lower prices on weekends, probably because passengers formed strong beliefs on China Eastern’s low price due to its promotion programme, and felt psychologically unfair by paying high prices as compared to the programme’s users. This decreased China Eastern’s revenue from non-programme passengers on weekends. [ FROM AUTHOR] Copyright of Transportmetrica B: Transport Dynamics is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

An Anonymity and Interaction Supported Complaint Platform based on Blockchain Technology for National and Social Welfare

People face numerous severe problems in their everyday life. Extortion, corruption, threat, harassment, negligence, poor public service, etc., are some common problems people are dealing with everyday. As it may take a long time, most of the victims do not have the intention to complain anymore. As a result, these issues are getting worse rather than getting resolved. There are some ways online to contact and complain to the competent authorities. However, a complainant may be hesitant to complain in fear of insecurity because of the transparency issue of a centralized system. To resolve the issues, in this paper, we will present a blockchain-based anonymous, transparent, and decentralized platform, where people can complain anonymously and interact with the authorities to resolve their complaints. An authority can start resolving a complaint after receiving it from the platform. Those facing a similar problem or evaluating a problem to be prioritized can support/oppose the complaint. Complaints like damaged roads or pandemic situations like Covid-19 may need some financial support to be solved. In this case, authorities can start crowdfunding where both complainants and authorities can donate. Ultimately, we can claim that our proposed blockchain-based platform will be one of the most secure and reliable platforms for complainants to complain about their issues. © 2021 IEEE.

Impact of COVID-19-associated anxiety on the adherence to intravitreal injection in patients with macular diseases a year after the initial outbreak.

BACKGROUND: As the primary burden of treating COVID-19 patients began to ease in the United Kingdom, ophthalmology clinic volume within the National Health Service has since recovered. Alarmingly, the rate of non-attendance remains higher than the pre-pandemic level. PURPOSE: The purpose was to assess how the perceived risk of contracting coronavirus disease 2019 (COVID-19) influences the willingness of individuals with sight-threatening macular conditions to attend intravitreal anti-vascular endothelial growth factor (anti-VEGF) injection appointments during the second wave of the pandemic. METHODS: This prospective cross-sectional survey was conducted at the Macular Treatment Centre, Manchester Royal Eye Hospital. Patients who missed their appointment in January 2021 were invited to complete an anonymous survey over the telephone. The survey consisted of two parts: (1) a 23-item questionnaire aiming to assess fear of contracting COVID-19 in different hospital-related settings; and (2) the validated COVID-19 Anxiety Syndrome Scale (C-19ASS) to evaluate COVID-19-related anxiety. RESULTS: A total of 104 patients agreed to participate in the survey. Only a small proportion of patients believed COVID-19 vaccination (23 out of 88, 26.1%) had influenced their willingness to attend injection appointments. Majority of patients felt concerned about contracting COVID-19 during hospital appointments (n = 63, 60.6%). Only a minority of patients (n = 36, 34.6%) agreed with the hospital guidance on minimising clinical examinations during clinic visit. The C-19ASS was significantly higher in female patients, those older than 70 years and those with mobility issues. Higher C-19ASS, older age and living alone were predictors of clinic nonattendance. CONCLUSION: COVID-19 anxiety and fear of viral exposure could adversely affect patient adherence to clinic appointments during the pandemic. Particular attention should be provided to older patients, those who live alone and patients with impaired mobility. This is particularly relevant as hospital eye services across the world are in the process of restarting.

The real economic costs of COVID-19: Insights from electricity consumption data in Hunan Province, China.

The COVID-19 pandemic has caused extreme economic fluctuations. However, the magnitude of the economic cost of this extreme event remains challenging to quantify. The impact of the COVID-19 pandemic on the economy is estimated through firm-level electricity consumption data from Hunan province, China. Specifically, a difference-in-differences (DID) model was employed to estimate the real economic costs. The results indicate that electricity consumption in Hunan Province dropped by 27.8% during the early stage of the COVID-19 pandemic. Manufacturing and the transportation industry suffered the most severe declines. Electricity consumption began to recover after the virus was controlled. We suggest that government departments should take full measures to prevent and control COVID-19 outbreaks and associated economic impacts, in conjunction with preparing for economic recovery, deploying targeted measures to support different industries in response to the heterogeneity COVID-19 pandemic impacts. The COVID-19 has changed people's living habits and brought a new direction, the Internet industry, of economic growth. Hunan Province needs to accelerate the digital empowerment of traditional industries, develop the Internet, 5G technology, and new digital infrastructure to offset the negative impact of the COVID-19 pandemic. Electricity consumption is an applicable index in estimate the real economic cost of extreme events.