Winter storms cost China $4.5 billion



BEIJING, China (CNN) -1.31.08- China’s worst winter in more than half a century showed no signs of abating Wednesday as forecasters warned of three more days of snow and sleet. The weather has paralyzed transportation, frozen the power grid and delivered a $4.5 billion hit to the economy, according to figures released Wednesday by the Civil Affairs Ministry. The situation is compounding economic problems for China. Destroyed crops have resulted in increased food prices, while the inability to transport goods has further inflated prices and led to shortages at stores. China’s railways and roads are the lifeblood for its manufacturing sector, one of the fastest growing in the world. Read more


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