China's deadly summer floods have caused $25B in damage
Summer floods in China have left more than 200
people dead or missing and caused $25 billion in direct damage, an emergency
management official said Thursday.
The floods struck major river systems across the
central and southern parts of the country. Major cities have been largely
spared by the flooding but the impact compounds losses to the economy from the
coronavirus outbreak that began in the central Chinese city of Wuhan late last
year.
Vice Minister of Emergency Management Zhou Xuewen
told reporters 219 people were listed as dead or missing and 54,000 homes had
been destroyed.
Economic losses of 178.9 billion yuan ($25.7
billion) were 15.9% higher than the average from flood damage over the past
five years.
China has the world's second largest economy, but
growth has slowed amid rising costs and market saturation at home. While it has
largely contained the spread of COVID-19, strong concerns remain over
employment and the fate of its export markets amid the continuing trade war
with the United States.
