China Faces Disaster-Related Economic Losses Of $57 Billion For The First Three Quarters Of This Year

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China has faced significant economic losses amounting to 308.29 billion yuan (S$57.8 billion) in the first nine months of 2023 due to a series of natural disasters. 

These calamities included torrential rains, deadly landslides, hailstorms, sandstorms, and typhoons, leading to widespread damage and disruption.

During this period, 499 people were reported dead or missing, and over 89 million individuals were affected by these natural disasters. 

The scale of the impact necessitated the evacuation and resettlement of more than 2.75 million people.

Notably, four typhoons had a substantial impact, causing flash flooding and numerous landslides in southern regions, while the north and north-east experienced record rainfall and evacuations. 

These natural disasters in the north and north-east were among the most severe in the past five years.

Furthermore, China's agriculture sector suffered losses as crops such as rice, soy, and corn were adversely affected. 

This has raised concerns about inflation, adding to the challenges faced by the government in stabilizing the economy.

Experts have attributed some of these dramatic weather swings to climate change, highlighting the need for increased attention to environmental sustainability and disaster preparedness in the face of changing climatic conditions.

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