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COVID-19 has seriously impacted China's real economy and directly threatened the survival and healthy development of enterprises. Based on the data of Chinese A-share listed enterprises in Shanghai and Shenzhen from 2017 to 2021, this paper empirically examines the impact and mechanism of COVID-19 on enterprises financial distress. The findings are as follows: (1) The impact of COVID-19 significantly increases the risk of enterprises financial distress. (2) There are differences in the effect of COVID-19 on the financial situation of enterprises with different characteristics, with significant negative impacts on enterprises in industries such as mining and manufacturing, as well as smaller enterprises and those located in the central and western regions. (3) Digital transformation and government subsidies can alleviate the negative effects of COVID-19 on enterprises financial distress. The paper provides a basis for enterprises to recover from financial difficulties as soon as possible, enhance competitiveness, and realize sustainable development. [ABSTRACT FROM AUTHOR]

In the coronavirus epidemic, many Chinese hospitals have established buffer zones to prevent the spread and transmission of the virus. The buffer zone is a monitored and separate area where the patients who need hospitalizations after the quick treatments in the emergency department can temporarily wait for the Covid-19 test and receive some healthcare services to stabilize their conditions. Because the beds in the buffer zones are limited, the managers face the patient admission control problem for the buffer zone. This management and control problem is challenging since the patient arrivals are uncertain, and the patients’ conditions are different. In this paper, we build the infinite- and finite-horizon Markov decision process (MDP) models for this problem. We use the uniformization method to discretize the patient flow. We propose various iteration algorithms to solve the MDP models and obtain the optimal and threshold policies. Numerical experiments validate the advantages of the policies obtained by the algorithms in this paper over the current policies of hospitals. Note to Practitioners—The ongoing COVID-19 pandemic has been causing enormous damage to people’s health, jobs, and well-being. COVID-19 has affected almost all countries globally and has changed the operation mode of the healthcare system, especially the hospitals. The hospitals are the frontlines of healthcare service and the battle with the COVID-19 pandemic. This article is motivated by our collaborations with hospitals in Shanghai, China. In China, many hospitals establish buffer zones: a monitored area where the patients who need hospitalizations after the quick treatments in the emergency department can temporarily wait for the Covid-19 test and receive some healthcare services to stabilize their conditions. Because the zone’s capacity is limited, the managers must make dynamic patient admission control decisions according to multiple factors, such as patients’ health conditions and the usage of beds in the zone. We propose two MDP models to solve this complex problem. Several iteration algorithms are designed to solve the MDP models and obtain the optimal and threshold policies. Based on hospitals’ real-life data, we show the methods presented in this paper can help hospital managers make more reasonable decisions. Although we focus on the hospital’s buffer zone in China, the methodology and approach for this problem can be extended to other practical hospital management scenarios in the coronavirus pandemic. For example, For example, some hospitals have admission control problems for coronavirus patients due to hospital capacity limitations. The hospital has to decide if a patient is accepted as an inpatient or suggested to home quarantine. In such a case, the admission control problem can also be solved by the methodologies in the paper. [ABSTRACT FROM AUTHOR]

This paper investigates the recovery period of consumer salmon purchase intention after food scares at the Xinfadi wholesale market in China during the COVID-19 pandemic and examines the impact mechanism of risk preference and risk perception on the period duration. Our empirical analysis is based on a survey of 655 salmon consumers in Beijing, Tianjin, and Shanghai. We estimate that the purchase intention recovery period lasts 21 weeks among the surveyed consumers after the shock. Although the epidemic risk levels of the three cities are different, there is a significant difference only in the recovery period from 5 to 7th weeks. The Cox proportional hazards model results further show that consumers with less risk-averse are more active in resuming purchase intention, and the effect of risk perception is just the opposite. Moreover, risk perception has a moderating effect on risk preference and recovery period. Finally, we put forward three possible policy implications: attaching nucleic acid detection certificate, strengthening cold chain management, and diversifying cooking methods. [ABSTRACT FROM AUTHOR]

The spread of coronavirus disease 2019 (COVID-19) has had a significant impact on business and economies globally. This paper aims to investigate the impact of COVID-19 on firm performance in China's high-tech industries. The population of this paper is 116 companies listed on the sci-tech innovation board (STAR market) of the Shanghai stock exchange. DuPont analysis is applied to measure firm performance including return on equity (ROE), return on assets (ROA), asset turnover ratio (ATO), and profit margin. The empirical results show that the COVID-19 pandemic has a significant and negative impact on ROE, ROA, and ATO in high-tech industries, and research and development (R&D) investment has a moderating role in the relationship between the COVID-19 pandemic and firm performance. The findings may play a guiding role for corporate managers and policymakers to overcome this formidable crisis in the era of COVID-19. [ABSTRACT FROM AUTHOR]

The ongoing COVID-19 shocked financial markets globally, including China's crude oil future market, which is the third-most traded crude oil futures after WTI and Brent. As China's first crude oil futures are accessible to foreign investors, the Shanghai crude oil futures (SC) have attracted significant interest since launch at the Shanghai International Energy Exchange. The impact of COVID-19 on the new crude oil futures is an important issue for investors and policy makers. Therefore, this paper studies the short-term influence of COVID-19 pandemic on SC via multifractal analysis. We compare the market efficiency of SC before and during the pandemic with the multifractal detrended fluctuation analysis and other commonly used random walk tests. Then, we generate shuffled and surrogate data to investigate the components of multifractal nature in SC. And we examine cross-correlations between SC returns and other financial assets returns as well as SC trading volume changes by the multifractal detrended cross-correlation analysis. The results show that market efficiency of SC and its cross-correlations with other assets increase significantly after the outbreak of COVID-19. Besides that, the sources of its multifractal nature have changed since the pandemic. The findings provide evidence for the short-term impacts of COVID-19 on SC. The results may have important implications for assets allocation, investment strategies and risk monitoring. [ABSTRACT FROM AUTHOR]

Crises constitute ideal opportunities for authoritarian leaders to promote certain narratives, shaping reality in their favor and crafting their own preferred storylines about current events. In other words: they serve authoritarian leaders on a silver platter the opportunity to instrumentalize these unforeseen circumstances to gain domestic political legitimacy by promoting strategic narratives. The COVID-19 pandemic was no exception in this regard. Ever since its onset in early 2020, the Chinese Communist Party (CCP) was among the most active actors worldwide seeking to capitalize on the global crisis for legitimation purposes. Whether applying narratives of governance supremacy, portraying the People's Republic of China as a "global savior," or promoting emotionally appealing nationalistic narratives, the regime used the pandemic as a window of opportunity to rebrand its international role and enhance its domestic legitimacy. When observing the CCP's communication style over the course of 24 pandemic months (2020–2022), however, major shifts become apparent regarding the main narratives crafted in communication with national audiences. Based on this, the paper focuses on the role of such narratives for legitimation claims. Using exemplary media articles collected between the outbreak of the pandemic in China in late 2019 until the harsh Shanghai lockdown in spring 2022, it thus traces the narratives employed by Chinese state elites and explores how they are intertwined with nationalism and broader power claims. [ABSTRACT FROM AUTHOR]

Shanghai's lockdown from April to May 2022 attracted worldwide attention. While the rest of the world has generally chosen to live with Covid-19, China still sticks to its elimination strategy, i.e. the dynamic Covid-zero policy. This paper considers this policy and its economic implications. First, this study describes the policy and provides a quantitative description of its development based on Google Trends data and the Baidu index. Second, we explore the economic impacts of the March – May 2022 lockdown and concludes that they were less severe – and the policy responses were also smaller – than those in early 2020. However, one major difference is that Chinese household and corporate sectors have much weaker expectations than in early 2020, and as a consequence, policy responses may also be less effective. Third, from the perspective of stock markets, which can be seen as an expected value of all possible scenarios in the future, this study finds that China's Covid-zero policy is considered to be detrimental to the economy. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to provide better service to hotel customers during the COVID-19 era. Specifically, this study focuses on understanding the changes in hotel customer satisfaction during the epidemic and formulating effective marketing strategies to satisfy and attract guests. Design/methodology/approach: As the first victim of the COVID-19 virus, China's hotel industry has been profoundly affected and customer satisfaction and needs have also changed. Taking 105,635 hotel reviews obtained from Tripadvisor.com in Beijing and Shanghai as samples, this study explores the changes in consumer satisfaction by using text-mining methods. Findings: The results suggest that there are significant differences in overall ratings, spatial distribution and ratings of different traveller types before and after the epidemic. Generally, customers have higher "tolerance" and are more inclined to give higher ratings and pay more attention to hotel prevention and control measures to reduce health risks after the COVID-19. Research limitations/implications: This paper proves the changes in customer satisfaction before and after the COVID-19 at the theoretical level and reveals the changes in customer attention through the topic model and provides a basis for guiding hotel managers to reduce the impact of the COVID-19 crisis. Practical implications: Empirical findings would provide useful insights into tourism management and improve hotel service quality during the COVID-19 epidemic era. Originality/value: This research explores the hotel customer satisfaction in the field of hotel management before COVID-19 and after COVID-19, by using text mining to analyse mandarin online reviews. The results of this study will suggest that the hotel industry should continuously adjust its products and services based on the effective information obtained from customer reviews, so as to realize the activation and revitalization of the hotel industry in the epidemic era. [ABSTRACT FROM AUTHOR]

Since the end of 2019, the outbreak of COVID-19 has severely affected port production and operation. There is little research on the systematic impact assessment. This study took Shanghai Port as an example and evaluated the impact under different scenarios through establishing a System Dynamics model. It is found that the epidemic mainly has a greater impact on passenger transport, but less on cargo transport. The ports with the function of transportation in highway, railway, and waterway were the key nodes in the international logistics network. More attention should be paid to the impact assessment of COVID-19 on ports' production and operation. It is necessary to strengthen the port's collection and distribution capabilities, improve port production efficiency, and further strengthen port modernization. This research method proposed in this paper can provide a reference for the impact assessment of similar events, and the empirical results can provide a reference for handling the epidemic shock for the port and shipping departments. [ABSTRACT FROM AUTHOR]

The coronavirus disease 2019 (COVID-19) pandemic has had an unprecedented impact on the entire cruise industry. This research aims to provide an understanding of the impacts of COVID-19 on the cruise industry from various stakeholders and recommend corresponding post-COVID recovery strategies for building a sustainable cruise industry. By conducting 22 semi-structured interviews in Shanghai, China and analysing the interview data using content analysis, this research finds five aspects of the impacts that are worth discussing, namely social, health and well-being, regulatory, operational, and financial aspects. Key findings include the impacts of different stakeholders' opinions, the problems existing in the current cruise industry, and the potential for future improvement. Recommendations and recovery strategies are proposed to mitigate the negative impacts. This research not only explores the impact of COVID-19 on cruise tourism and fosters recommendations in the most fast-developing region (China) but also facilitates researchers and policymakers to understand the effects of the pandemic and proposes future risk mitigation strategies. • This paper investigated the impacts of COVID-19 on the cruise industry. • This paper examined the impacts from five aspects i.e., social, health and well-being, regulatory, operational, and financial aspects. • Strategies were proposed to mitigate the negative impacts. • The findings contribute to the literature by exploring the impact of COVID-19 on cruise tourism in the most fast-developing region. • Recovery strategies were proposed that can facilitate researchers and policymakers to build a more sustainable future. [ABSTRACT FROM AUTHOR]

Introduction: The pandemic of SARS-CoV-2 brings great challenge and threats to humans worldwide. Multiple variants of SARS-CoV-2 tend to be epidemic, among which Omicron is highly infectious within China. The aim of this study was to analyze the clinical characteristics of children infected with SARS-CoV-2 variant B.1.1.529 (Omicron) in the Shanghai, China.Methods: We included 9378 pediatric patients diagnosed with Omicron and treated in the Shanghai International Convention and Exhibition Center between April 1, 2022 and May 31, 2022. We recorded and summarized the clinical characteristics, infectious conditions and biological features of the children infected with Omicron.Results: A total of 9355 paediatric patients were treated in isolation since Makeshift became available, including 5564 males (59.48%) and 3791 females (40.52%). More than half (55.56%) of the affected children were identified at premises screening. The number of symptomatic or asymptomatic patients was 4530 (48.42%) and 4825 (51.58%), respectively. Initial signs or symptoms in asymptomatic patients included fatigue (3582, 38.29%), cough (560, 5.99%), fever (242, 2.59%) and other (146, 1.56%). Age and number of vaccinations in paediatric patients were negatively associated with the number of days from positive to negative nucleic acid test results.Conclusion: Age and number of vaccinations were key factors influencing the conversion of nucleic acid test results in paediatric patients. Early childhood vaccination is encouraged to establish a complete immune barrier. [ABSTRACT FROM AUTHOR]

Background: Multifaceted non-pharmaceutical interventions during the COVID-19 pandemic have not only reduced the transmission of SARS-CoV2, but have had an effect on the prevalence of other pathogens. This retrospective study aimed to compare and analyze the changes of respiratory pathogens in hospitalized children with community-acquired pneumonia. Methods: From January 2019 to December 2020, children with community-acquired pneumonia were selected from the Department of Respiratory Medicine, Shanghai Children's Medical Center. On the first day of hospitalization, sputum, throat swabs, venous blood samples from them were collected for detection of pathogens. Results: A total of 2596 children with community-acquired pneumonia were enrolled, including 1871 patients in 2019 and 725 in 2020. The detection rate in 2020 was lower than in 2019, whether single or multiple pathogens. Compared with 2019, the detection rate of virus, especially parainfluenza virus, influenza virus and respiratory syncytial virus, all decreased in 2020. On the contrary, the prevalence of human rhinovirus was much higher than that in 2019. In addition, the positivity rate for bacteria did not change much over the two years, which seemed to be less affected by COVID-19. And Mycoplasma pneumoniae which broke out in 2019 has been in low prevalence since March 2020 even following the reopening of school. Conclusions: Strict public health interventions for COVID-19 in China have effectively suppressed the spread of not only SARS-CoV2 but parainfluenza virus, influenza virus and Mycoplasma pneumonia as well. However, it had a much more limited effect on bacteria and rhinovirus. Therefore, more epidemiological surveillance of respiratory pathogens will help improve early preventive measures. [ABSTRACT FROM AUTHOR]

The Chinese government relaxed the Zero-COVID policy on Dec 15, 2022, and reopened the border on Jan 8, 2023. Therefore, COVID prevention in China is facing new challenges. Though there are plenty of prior studies on COVID, none is regarding the predictions on daily confirmed cases, and medical resources needs after China reopens its borders. To fill this gap, this study innovates a combination of the Erdos Renyl network, modified computational model SEIRS , and python code instead of only mathematical formulas or computer simulations in the previous studies. The research background in this study is Shanghai, a representative city in China. Therefore, the results in this study also demonstrate the situation in other regions of China. According to the population distribution and migration characteristics, we divided Shanghai into six epidemic research areas. We built a COVID spread model of the Erodos Renyl network. And then, we use python code to simulate COVID spread based on modified SEIRS model. The results demonstrate that the second and third waves will occur in July–September and Oct-Dec, respectively. At the peak of the epidemic in 2023, the daily confirmed cases will be 340,000, and the cumulative death will be about 31,500. Moreover, 74,000 hospital beds and 3,700 Intensive Care Unit (ICU) beds will be occupied in Shanghai. Therefore, Shanghai faces a shortage of medical resources. In this simulation, daily confirmed cases predictions significantly rely on transmission, migration, and waning immunity rate. The study builds a mixed-effect model to verify further the three parameters' effect on the new confirmed cases. The results demonstrate that migration and waning immunity rates are two significant parameters in COVID spread and daily confirmed cases. This study offers theoretical evidence for the government to prevent COVID after China opened its borders. [ABSTRACT FROM AUTHOR]

Based on grounded theory, the present study summarizes the transcripts from 32 in-depth interviews with Chinese community emergency volunteers to uncover the attributions of community emergency volunteering in China during the COVID-19 pandemic. Community emergency volunteering in China is affected by four main factors: inner awareness, the external environment, national policy, and publicity and advocacy. Among these factors, inner awareness and the external environment are the internal and social psychological attributions, respectively, of emergency volunteering. In addition, publicity and advocacy also play a role in both inner awareness and the external environment and, together with national policies, act on community emergency volunteering. Finally, the high level of trust of some volunteers in their ruling party and government is a deep-seated driving force of their volunteering, a factor that has not been emphasized in past studies. [ABSTRACT FROM AUTHOR]

We examine the price discovery performance of China's crude oil futures traded on the Shanghai International Energy Exchange (INE) for the spot prices of 19 types of deliverable and nondeliverable Asian crude oil. We find evidence for the INE crude oil futures price discovery function even at the early stage for almost all the deliverable crudes and some nondeliverable crudes. Both the INE crude oil futures price and the spot price significantly contribute to the price discovery process, with substantially time‐varying informational roles. While the price discovery performance was severely damaged around the period of COVID‐19 pandemic shock intensification in China with the temporary cancellation of nighttime trading, it improved to some extent after China started the recovery from the shock. But such improvement deteriorated drastically and disappeared since early 2021. Further analysis reveals that both economic fundamentals (e.g., the warehouse inventory) and trading‐related characteristics of the futures market are significant determinants of the price discovery performance. The overall findings imply that the INE crude oil futures market has evolved into a useful and important information source in pricing Asian crudes, and is on the path to emerge as an Asian benchmark. [ABSTRACT FROM AUTHOR]

COVID-19 unexpectedly ensnared the entire world and wreaked havoc on global economic and financial systems. The stock market is sensitive to black swan events, and the COVID-19 disaster was no exception. Against this backdrop, this study explores the impact of COVID-19 and economic policy uncertainty (EPU) on Chinese stock markets' returns for the period spanning January 23, 2020 to August 04, 2021. The outcomes of the novel quantile-on-quantile regression analysis revealed that both COVID-19 and EPU had a significant negative impact on both Shanghai and Shenzhen stock market returns, while COVID-19 aggravated the level of economic uncertainty in both financial markets. The quantile causality approach of Troster et al. (2018) validates our main estimations. We conclude that COVID-19 and a high level of EPU enervated the returns of China's leading stock markets. Our study provides key insights to policymakers and market participants to determine the behavior of China's stock market returns vis-à-vis COVID-19 during the peak of the pandemic and beyond. Specifically, our findings apprise portfolio investors to augment their portfolio diversification fronts. [ABSTRACT FROM AUTHOR]

Background: Since COVID-19 broke out worldwide, it had caused extensive public health concerns and psychological distress, including PTSD and stigmatization towards recovered patients and people from high-risk areas. However, the association between PTSD, stigmatization and certain related factors have not been confirmed. Methods: Through cluster random sampling, 946 Chinese graduates were investigated from 5 universities in Shanghai at three months after China lifted its coronavirus lockdown. PTSD symptoms were evaluated with PCL-5. Demographic and disease-related characteristics including stigmatization, educational attainment and working position were collected to assess their association with PTSD. Results: 12.4% graduates were reported significant PTSD symptoms in PCL-5 screening with a cut-off of 33. Graduates with a Master's degree (P = 0.02) or working position like "looking for a job" and "planning to go abroad" (P = 0.038) showed severer stigmatization related to COVID-19. Stigmatization towards both patients recovering from COVID-19 and people from high-risk areas had significant association with PTSD symptoms. Multivariate linear regression analysis showed that stigmatization can explain 5% of variation of PCL-5 scores after controlling gender, age, educational attainments and working position. Conclusion: Graduates who were looking for jobs or preparing to go abroad showed more stigmatization related to COVID-19. There was a positive correlation between stigma against COVID-19 and PTSD symptoms. More attention should be paid to the mental health status of graduates who are preparing to go abroad or looking for jobs. Highlights: 1. 12.4% Chinese graduates were positive for PTSD symptoms. 2. Graduates looking for a job or planning to go abroad showed severer stigmatization related to COVID-19. 3. People with severer stigmatization had more PTSD symptoms. [ABSTRACT FROM AUTHOR]

The novel coronavirus COVID-19 has severe consequences for countries around the globe. The purpose of this study to find out the impact of COVID-19 on China's sectoral indices in the short and medium run. This research investigates the impact of COVID-19 on stock exchange index, exchange rates, money lending, and oil prices in the Chinese economy in the short and medium run by using secondary data of different sectoral sectors. The outcomes show that COVID-19 has strongly influenced these sectors. The Shanghai stock exchange is showing a decline in transactions due to this pandemic in the short run. But in the medium run, the outcome shown that Shanghai stock exchange has upward trend. The pandemic has reduced exchange rate of Chinese RMB to US dollar in short-run, but in medium run, Chinese RMB has gained appreciation against US dollar. [ABSTRACT FROM AUTHOR]