13-08-2024 11:27 AM | Source: Kedia Advisory
China Increases Financial Support for Agricultural Recovery and Disaster Prevention After Severe Flooding and Record Rainfall by Amit Gupta, Kedia Advisory

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China is enhancing financial support for agricultural recovery and disaster prevention following severe flooding and record rainfall. Vice Premier Liu Guozhong highlighted the need for improved disaster management, including better rainfall monitoring and flood defenses, particularly in northeastern provinces. Recent floods affected multiple regions, including Liaoning and Jilin, with record precipitation in July causing extensive damage. The natural disasters resulted in 76.9 billion yuan ($10.1 billion) in economic losses, the highest for July since 2021, impacting over 26 million people and damaging 2.42 million hectares of crops. The increased support aims to bolster recovery efforts and prevent future agricultural disruptions.

 

Key Highlights

* Vice Premier Liu Guozhong pledges financial aid to restore agricultural output after recent floods.

* Flooding in multiple provinces led to significant economic losses and widespread damage.

* July’s extreme rainfall set precipitation records at 33 weather stations across several provinces.

* Natural disasters in July caused 76.9 billion yuan ($10.1 billion) in economic losses.

* Over 26 million people were affected by the floods, with substantial crop damage reported.

 

China's agricultural sector faces a challenging recovery as Vice Premier Liu Guozhong has committed to increased financial support to restore output following severe flooding. Liu emphasized the need for improved disaster prevention and mitigation capabilities, advocating for enhanced rainfall monitoring and stronger defenses against water and drought disasters, particularly in the northeastern provinces of Liaoning and Jilin.

 

Recent floods have had a profound impact on China's agricultural landscape. On August 13, eight rivers across Liaoning, Jilin, Heilongjiang, Inner Mongolia, and Xinjiang experienced flooding that exceeded warning levels, according to the Ministry of Water Resources. The devastation was compounded by extreme rainfall in July, which drenched the Sichuan Basin, Yellow River, Huai River, and parts of the North China Plain. This deluge resulted in record precipitation at 33 weather stations in Henan, Hunan, and Shandong provinces.

 

The impact of these natural disasters has been severe, with July's economic losses reaching 76.9 billion yuan ($10.1 billion), the highest for that month since 2021. Heavy rains and floods were responsible for 88% of these losses. The floods have affected nearly 26.4 million people, resulting in 328 casualties, over one million relocations, and significant damage to housing and crops. Approximately 2.42 million hectares (5.98 million acres) of farmland were impacted.

 

Conclusion

China's increased financial support and emphasis on disaster preparedness are crucial for mitigating future agricultural losses and restoring affected regions.

 

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