关键词: 新冠肺炎, 需求, 供给, 短期应对, 长期视角

Abstract:  This paper analyzes the shortterm and longterm effects of the COVID19 epidemic on China's economy from both the demand and the supply sides. On the demand side, based on theoretical analysis and the characteristics of the impact of the SARS epidemic on the economy, the total economic demand will recover in a short time with the end of the epidemic. But the epidemic will also exacerbate the downward trend in aggregate demand and household income. On the supply side, the epidemic will not only reduce the efficiency of labor resource allocation and aggravate the structural contradiction between labor supply and demand, but also significantly reduce China's capital investment. In the absence of economic intervention measures, it is likely to exacerbate the downward trend of China's capital investment and overall economic growth. Based on the theoretical analysis, the corresponding supply shock will also have a negative impact on China's longterm output. Based on the impact of the epidemic on China's demand and supply sides, in order to achieve the economic goal of an overall welloff society by 2020, more proactive fiscal and monetary policies need to be implemented.

Key words: COVID19, demand, supply, shortterm response, longterm perspective