Major　public　emergencies,　especially　infectious　diseases　and　other　major　public　health　emergencies,　have　always　been　a　threat　to　human　survival　and　health,　economic　and　social　progress　and　development.　In　2020,　the　outbreak　of　the　novel　coronavirus　pneumonia　on　a　global　scale　has　severely　impacted　China　and　the　world　economy.　Studying　the　impact　of　major　public　health　emergencies　on　China＇s　macroeconomic　operation　is　crucial　for　the　next　step　in　epidemic　prevention　and　control,　and　is　of　great　significance　for　China＇s　steady　economic　recovery　and　high-quality　development.Based　on　the　VAR　model,　this　paper　uses　the　data　of　the　number　of　new　infections　per　day　of　the　novel　coronavirus　epidemic,　as　well　as　the　index　data　of　the　percentage　rise　and　fall　of　the　all-finger　pharmaceutical　index,　turnover　and　turnover　rate　in　the　same　period.　This　paper　analyzes　the　impact　of　the　COVID-19　epidemic　on　China＇s　macro　economy.　First,　the　VAR　model　was　established　by　selecting　the　data　of　the　daily　number　of　new　COVID-19　infections　and　the　relevant　indicators　of　the　all-finger　pharmaceutical　index　in　the　same　period.　Starting　from　the　newly　confirmed　number　of　COVID-19　cases　and　the　changes　of　the　pharmaceutical　stock　market,　the　impact　on　the　macro　economy　represented　by　the　pharmaceutical　stock　market　in　the　two　years　after　the　outbreak　of　COVID-19　was　analyzed.　Secondly,　based　on　Granger　causality　test,　the　causal　relationship　between　different　indicators　was　analyzed.　Finally,　impulse　response　function　was　selected　to　analyze　the　dynamic　relationship　between　different　indicators.　The　results　show　that　the　number　of　newly　confirmed　cases　is　the　Granger　causality　cause　of　the　rise　and　fall　of　the　pharmaceutical　stock　market,　that　is,　the　rise　and　fall　of　the　pharmaceutical　stock　market　is　affected　by　the　lag　of　the　number　of　newly　confirmed　cases.　Moreover,　when　the　variable　of　newly　confirmed　number　was　affected,　the　rise　and　fall　of　the　pharmaceutical　stock　market　first　showed　a　rapid　rise,　and　then　the　growth　rate　slowed　down　steadily.　©　2024　Copyright　held　by　the　owner/author(s).