Сютин Цзоу

In the context of pandemic of the new coronavirus COVID-19, which swept the world in 2020, when the world economy was in recession, the Chinese economy, meanwhile, withstood pressure and showed high resilience and greater viability and became the first economy in the world to resume positive growth. A number of effective measures to combat the pandemic and socio-economic development policies contributed to the sustainable recovery of the China's economy. In 2020, despite many adverse factors, the Sino-Russian trade and economic cooperation as a whole maintained stable development with a slight decrease in trade volumes. Pragmatic cooperation between China and Russia has played a positive role in combating the negative impact of the pandemic.

Coronavirus epidemic that began in early 2020 in several regions of China has become a powerful destabilizer of the country's economy. The spread of this infection has especially affected the activities of consumer and service industries, which make a relatively high share in the structure of the Chinese national economy. In 2019, the share of final consumption spending in the country's economy reached 57.8%. In order to reduce the negative impact of epidemic on the economy, especially to prevent difficulties in the work of small and mediumsized enterprises, the Chinese government, as well as the provincial and city authorities, quickly adopted a number of measures: banking, financial, tax and others. Thanks to these efforts, the economic losses from the epidemic were minimized and the trends in the long-term development of the Chinese economy were maintained.