Impact of Novel Coronavirus Pneumonia on China’s Economy and the World Economy

Purpose: The purpose of this article is to illustrate China’s influence on global economy through data comparative analysis of national interdependence anditsrelationto especially the economic impact in time of a major event such as a new coronavirus. Design/methodology/approach: The author analyzes the impact of the epidemic on the Chinese economy and how it can be transmitted to other countries through the global industrial chain according to the proportion of China in the world economy. In this study, the author used literature analysis, statistical methods, inductive methods, and descriptive research methods. Findings: The author found through research thatin the era of globalization, each country’s economic operations and people’s lives are inseparable from other countries. The role of different countries in the international division of labor is becoming clearer. In the face of global disasters, such as this epidemic, when a country’s economy is affected, it will be transmitted to other countries through the global value chain in different ways. The method and the results of transmission will be affected by the different policies of each country. Originality/value: Globalization has both positive and negative effects on human beings. Overall, the author considers that positive effects are greater than negative. The author proposes that a mechanism for efficient collaboration and communication should be established between countries. This mechanism requires the country to be transparent in information disclosure and highly coordinated policy formulation. Through coordinated and joints efforts of all countries wecan minimize the impact of global supply chain disruptions.