ECONOMIC CHALLENGES DURING AND AFTER COVID-19: A PERSPECTIVE FROM SOCIALISM WITH CHINESE CHARACTERISTICS

The economic achievements in socialist countries are often attributed to the implementation of market-oriented reforms. The socialism economic rise of China has changed the global economy. China has transformed from a low-cost manufacturing hub to an increasingly innovation- and service driven economy. However, China, being the initial country impacted by the onset of the pandemic, experienced economic losses more pronounced than those of other nations. Nonetheless, there is limited research examining the economic impact of COVID-19 in China. Therefore, this study aims to investigate the primary economic challenges caused by the pandemic within the framework of Socialism with Chinese Characteristics. This research adopted qualitative method by document analysis, the data was analysed by thematic analysis. Results show the socialism market is characterised with the public ownership predominance and also encourage private enterprises. The main economic challenges during and after COVID-19 in this study includes the stagnant industry transformation, the challenges of international trade, the challenges of state-owned enterprises, and the challenges of private enterprises. China must commit to reforms in technology and industrial transformation, adopt peaceful diplomatic strategies, and actively engage in international trade with Western countries. Key areas of improvement should include the clarification of property rights, the promotion of transparency and fairness for foreign investment and private enterprises, the implementation of competitive neutrality policies, and the establishment of legislation to safeguard employee wages and strengthen the social security system.