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Digital Technology and Economic Impacts of COVID-19: Experiences of the People’s Republic of China

Author

Listed:
  • Huang, Yiping

    (Asian Development Bank Institute)

  • Qiu, Han

    (Asian Development Bank Institute)

  • Wang, Jingyi

    (Asian Development Bank Institute)

Abstract

Digital technology has rapidly transformed the economy of the People's Republic of China (PRC) over the past decade, especially in areas of e-commerce and digital finance. In many ways, digital technology changes the pattern of economic operation, as it enlarges business scale, increases economic efficiency, improves user experiences, reduces operating costs, and controls financial risks. Digital technology served as an important economic stabilizer during COVID-19, by accurately tracking down confirmed infected cases, moving a lot of economic activities online ,and issuing consumption coupons by local governments. These not only enabled the PRC to be the first to come out of the pandemic and to achieve impressive V-shaped recovery, but also with 5G and other technological and infrastructural development. The digital economy in the PRC will likely grow more rapidly in the coming years, bringing about more fundamental changes. However, the authorities will also need to address a wide range of policy issues to ensure the smooth development of the digital economy, including the easing of the data inequality problem, protection of individual rights, and regulation of platform behavior.

Suggested Citation

  • Huang, Yiping & Qiu, Han & Wang, Jingyi, 2021. "Digital Technology and Economic Impacts of COVID-19: Experiences of the People’s Republic of China," ADBI Working Papers 1276, Asian Development Bank Institute.
    • Handle: RePEc:ris:adbiwp:1276
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    References listed on IDEAS

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    1. Sergio A. Correia & Stephan Luck & Emil Verner, 2020. "Fight the Pandemic, Save the Economy: Lessons from the 1918 Flu," Liberty Street Economics 20200327, Federal Reserve Bank of New York.
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    Cited by:

    1. G. A. Petrosyan & I. B. Petrosyan & E. G. Petrosyan, 2023. "Unevenness in the Economic Impact of the COVID-19 Pandemic: The Depth of the Economic Decline in Different Countries and the Factors that Caused It," Studies on Russian Economic Development, Springer, vol. 34(4), pages 554-564, August.

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    More about this item

    Keywords

    digital technology; digital economy; COVID-19; PRC;
    All these keywords.

    JEL classification:

    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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