Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China

Research Article

The Impact of COVID-19 on China's Small and Medium-sized Enterprises and their Response

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  • @INPROCEEDINGS{10.4108/eai.18-11-2022.2327145,
        author={Riquan  Wen and Alexey  Chernov},
        title={The Impact of COVID-19 on China's Small and Medium-sized Enterprises and their Response},
        proceedings={Proceedings of the 4th International Conference on Economic Management and Model Engineering, ICEMME 2022, November 18-20, 2022, Nanjing, China},
        publisher={EAI},
        proceedings_a={ICEMME},
        year={2023},
        month={2},
        keywords={smes covid-19 epidemic economy response},
        doi={10.4108/eai.18-11-2022.2327145}
    }
    
  • Riquan Wen
    Alexey Chernov
    Year: 2023
    The Impact of COVID-19 on China's Small and Medium-sized Enterprises and their Response
    ICEMME
    EAI
    DOI: 10.4108/eai.18-11-2022.2327145
Riquan Wen1,*, Alexey Chernov2
  • 1: People's Friendship University of Russia
  • 2: Thesis revision, RUDN University
*Contact email: 122678179@qq.com

Abstract

The healthy development of small and medium-sized enterprises is of great significance to stable employment, economic growth, industrial and digital transformation in China. It is a new force for national economic and social development, a critical foundation for building a modern economic system and promoting high-quality economic development, an important support for expanding employment and improving people's livelihood, and an important birthplace of entrepreneurship. The COVID-19 pandemic broke out globally in early 2020, which severely impacted the world economy. Various industries, such as tourism, catering, transportation, entertainment, education and training, have been severely affected, with rising unemployment and rising prices. China's small and medium-sized enterprises have not been spared either, and have suffered a severe impact, leading to a national economic recession. According to the current situation of the pandemic level, although people all over the world are working hard to study the virus and find a cure to eliminate the virus, the process is resolute and long. Therefore, economic development will continue to develop under the hood of the epidemic, which has also given birth to the development of the digital economy.