Global Financial System Amid Covid-19 Pandemic: Impact And Recovery Models (China’s Experience)

Abstract

The paper highlights the key aspects of the national policies of the world's leading countries and efforts taken by banks amid the COVID-19 pandemic, focusing on the peculiarities and advantages of the Chinese strategy for adjustment of the national banking system to the situation on financial markets as a result of the economic and social crisis triggered by the pandemic. The author concludes that the COVID-19 pandemic had a dual impact on the global financial world, causing an economic and social strain on the one hand and becoming an incentive for the accelerated development of Fintech, electronic banking services, creation of financial ecosystems on the other hand. Chinese banking institutions demonstrated a high level of stability, creativity and social responsibility under circumstances the global financial system had never faced before. China's successful experience in regulating and supporting banking activities during the fight against the COVID-19 pandemic shows that China's integration into the global economy has not led to the country's dependence on external factors. The author believes that China's experience in the sphere of banking business regulation and support, as well as efforts taken by the PRC's major banks amid the pandemic, is an example of an efficient model for transforming a critical situation into a platform for further growth and may be useful for the global financial community.