Come Together: The secret code to Chinese wealth and happiness
The sudden outbreak of COVID-19 has brought the world to a standstill. The global economy is severely impacted, China too. During Q1 of 2020, China's GDP showed a year-on-year fall of about 6.8 percent, and many residents saw their incomes drop for the first time in years. The Chinese government has, on the one hand, introduced several policies that stabilize employment and actively encourage businesses to resume operations. On the other hand, it is stepping up support for businesses, particularly small- and medium-sized enterprises, in taxation, loans and funding.
These measures have alleviated the negative impact on businesses. China's economy and society have, in general, weathered the pandemic.