Assessing the Effects of COVID-19 on China's Economy and Foreign Trade Enterprises through a Sustainable Development Perspective

Zimin Lin

Zhejiang College of Security Technology (China)

Zi Ye

Zhejiang Institute of Economics and Trade (China)

Xiaohua Hou

houxh199778@163.com
Zhejiang College of Security Technology (China)

Fangbiao Liu

Wenzhou Medical University (China)

Sarita Gajbhiye Meshram

WRAM Research Lab Pvt. Ltd. (India)

Chao Chen

Shan Dong University of Finance and Economics (China)

Abstract

The COVID-19 epidemic has had a significant effect on China's economy and mainly on foreign trade enterprises. This virus has affected the social economy and business performance, becoming a primary test of governance aptitude and the national governance system. As a result, a neural network can be used to study and analyze the economic and social development during the COVID-19 epidemic. Good nonlinear forecasting can be achieved using neural network techniques since they overcome the limitations of traditional forecasting methods. Economic forecasts usually have great uncertainty and are affected by factors with complex relationships. However, using the B.P. network on economic forecasts can have a good forecasting effect. Economic analysis in the context of the new crown epidemic will provide more reference to future complex emergencies.

However, countermeasures have been established based on financial institutions, governments, and enterprises. These measures are formulated to cope with the challenges faced by foreign trade enterprises based on the scrutiny of international public emergencies. They include exploration of international cooperation, advancing the new open economy system, speeding up transformation and upgrading, and perfecting the public safety emergency system. Other measures include cooperatively promoting high-quality development of foreign trade enterprises, enabling internal capacities to improve management capabilities, and establishing an external environment based on environmental perfection of the rule of law and policy.

However, countermeasures have been established based on financial institutions, governments, and enterprises. These measures are formulated to cope with the challenges faced by foreign trade enterprises based on the scrutiny of international public emergencies. They include exploration of international cooperation, advancing the new open economy system, speeding up transformation and upgrading, and perfecting the public safety emergency system. Other measures include cooperatively promoting high-quality development of foreign trade enterprises, enabling internal capacities to improve management capabilities, and establishing an external environment based on environmental perfection of the rule of law and policy

Keywords:

COVID-19 Epidemic, business, socio-economic development, reverse supply chain, quarantine and urbanization