Impact of Covid 19 on The Industrial and Labor Economy of China

Abstract

China, as demonstrated by its macroeconomic data and good cooperation with the IMF, is the second biggest global economy. The breakdown of the pandemic was a big shock that brought China's forecast GDP growth back to 2020. The impending recession resulted in economic losses, reduced growth, and a further decline in the labor economy. The present study aims to analyze the covetous effects of COVID-19 via Chinese enterprises on the labor and industrial economy. The study focuses on the consequences for the industry and workforce of COVID-19. The research helps shed light on the issues and progress in China's economy and encompasses its uniqueness. The paper adds to the special issue on Chinese economic issues and progress. The Chinese population is utilized for study, which shows that industries, whose labor is more sensitive to covetousness, are more likely to display less efficiency and profitability. There was a negative link between the research variables, which is less than 5 percent. The greater the industries and workforce exposed to COVID-19, the lower their relative economy, the greater the populations the lower their relative economy. The research is the first of its sort in the world to be published and is regarded as innovative research of its sort.