China suffers a huge loss of 22.09 billion yuan from snow disaster

China suffers a huge loss of 22.09 billion yuan from snow disaster
Jan 30, 2008 02:04
YVONNE Points: Join Date: Nov 29, 2004 Status: offline	According to the source from the Ministry of Civil Affairs, heavy snow has killed 24 people and 77,862,000 people in 14 provinces have been affected. About 4219800 hectares crops have been damaged and 107000 houses have collapsed. The total economic loss has reached 22.09 billion yuan. On other hand, some provinces have an urgent demand of coal to generate electricity. The disaster's impact on Chinese economy is not clear yet. But some economists warn that it could make inflation worse and worse because food prices are sure to be pushed up during the Spring Festival. If food prices are too high, they will not have a happy Spring Festival.

Jan 30, 2008 02:04

YVONNE
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Join Date: Nov 29, 2004
Status: offline

According to the source from the Ministry of Civil Affairs, heavy snow has killed 24 people and 77,862,000 people in 14 provinces have been affected. About 4219800 hectares crops have been damaged and 107000 houses have collapsed. The total economic loss has reached 22.09 billion yuan. On other hand, some provinces have an urgent demand of coal to generate electricity.

The disaster's impact on Chinese economy is not clear yet. But some economists warn that it could make inflation worse and worse because food prices are sure to be pushed up during the Spring Festival. If food prices are too high, they will not have a happy Spring Festival.

Jan 31, 2008 20:15	#1
JIMMYB Points: Join Date: Feb 7, 2007 Status: Offline	Food prices will definitely increase and some people foresee that the CPI in January will be increased to 7.3 percent. What a terrible disaster!

Feb 11, 2008 12:51

APAULT
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Join Date: Mar 11, 2006
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This is something that should be factored in by governments, businesses and stock market investors. These mini-disasters will occur from time to time so we muct allow for them in our calculations. Insurance companies don't go bust when they have big payouts because they know there will be periodic disasters and they have priced their insurance products accordingly. China will not notice the snow's after effects, though some smaller businesses will suffer.

Feb 13, 2008 22:20	#3
LEONARDO Points: Join Date: May 21, 2007 Status: Offline	Yesterday, media reported that the total loss had amounted to 110 billion yuan.

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