China’s economic losses from disasters in July exceed those from January to June

A fallen tree is seen on a road as Typhoon Talim brought strong winds and heavy rain in Beihai, China’s Guangxi Zhuang Autonomous Region, July 18, 2023. cnsphoto via REUTERS?File Photo

BEIJING, Aug 5 (Reuters) – China’s direct economic losses from natural disasters rose to 41.18 billion yuan ($5.74 billion) in July, more than the January-June combined, due to severe weather than in a month two strong typhoons hit the country.

The effects of floods, which are common in China in the summer, have become even more apparent this year. In July, more than 7 million people across the country were affected when Beijing was hit by the worst rains in 140 years, after the hottest June on record in Beijing.

In August, when rainfall normally peaks and summer temperatures soar, there is likely to be further economic impact from flooding and heat waves. Rainfall in northeastern provinces could be up to 50% heavier than normal in August, China’s national weather forecasters have warned.

Losses from Typhoon Talim, which landed in southern China mid-month, totaled 2.61 billion yuan in July, while losses from the more destructive Doksuri, whose remnants are still being felt in northeast China, totaled 14.74 billion yuan reached the end of July, the Department of Emergency Management said in a statement late Friday.

Total damage, on top of that from floods in southwest and northwest China, far exceeded the 38.23 billion yuan in the first half of 2023, putting an unexpected strain on quarterly growth in the world’s second-biggest economy, which is already growing Economic stimulus is dependent.

In northern Hebei province, over 1.2 million people were evacuated from Doksuri as of Wednesday due to flooding caused by residual rain.

In the port city of Tianjin, which borders Beijing and Hebei, local authorities have evacuated about 66,000 people as they prepare for flooding from upstream rivers.

China’s top economic planner on Friday allocated another 100 million yuan to support post-disaster recovery in Tianjin and Hebei, in addition to the 100 million yuan announced for Beijing and Hebei on Wednesday. The ministries of finance and water resources also each offered 450 million yuan to support the overall recovery effort on Friday.

($1 = 7.1706 Chinese Yuan Renminbi)

Reporting by Ryan Woo; Edited by William Mallard

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