Abstract: The Great Depression, the Stagflation, and the Great Recession are three of the most serious economic crises in the history. They can be used as a historic context in which we analyze how COVID-19 epidemic impacts China's economy in the environment of de-globalization. The influence of the COVID-19 pandemic on the world and China's economy is not isolated from other events. Occurring against the background of de-globalization, the COVID-19 pandemic could speed up the trend of de-globalization. This trend may detach China's economy from the world economy, which is extremely harmful to the former. Like the 1929-1933 Great Depression, the COVID-19 pandemic could reorganize the world economic structure. Chinas should watch out for the possibility that de-globalization may divide world economy into separated sections. In order to avoid the unfavorable consequence, protect the current pattern of globalization and help China's economy develop healthily, it is necessary for China to initiate a second round of reform and opening comparable to that of 1978.