China's financial capital saw fresh snowfall yesterday as the impact of unusually wintry weather deepened, highlighting the vulnerabilities of the country's booming economy.
With many regions facing severe shortfalls, Vice Premier Zeng Peiyan (
For much of southern and central China, ice and snow are rarities. Businesses, railroads, airports and other systems that normally keep the economy ticking at double-digit rates are ill equipped to handle what -- at no more than 300mm of snow overall -- is normal winter weather elsewhere.
Dozens of factories were closed, with mining and metals companies suffering from severe power shortages.
The storms have caused economic losses of 22 billion yuan (US$3 billion) since they began on Jan. 10, the Civil Affairs Ministry said on Tuesday.
Courier companies announced they were rejecting non-local deliveries. The Shanghai Post Office said demand for its EMS delivery service was up 50 percent as a result, but asked that customers call ahead to confirm services before trying to send parcels.
Some cargo shipments were suspended because of transport snags elsewhere, said a customs official at Shanghai Waigaoqiao Free Trade Zone, where some operations were suspended on Monday because of snow.
With companies unable to send documents by courrier, customs clearance was delayed in some cases, said the official, who declined to give his name.
The storms illustrate the limitations China faces despite 30 years of economic reforms, with economic growth forecast at more than 10 percent this year.
Just a few months earlier, shortages of diesel fuel slowed transport in many regions. Now, it's coal -- used to power more than three-quarters of the country's electricity -- that's in short supply.
China's railways are already overburdened; its fast-expanding road system is incomplete -- even in Shanghai's suburbs -- and its electricity grid is antiquated and inefficient.
"Underinvestment remains China's key challenge," said a report issued yesterday by investment bank Merrill Lynch.
It focused on the opportunities posed by the country's need to build up the country's "fragile infrastructure" and help close the huge gap between relatively modern coastal areas and impoverished inland regions.
"China will likely step up investment in power transmission, transportation and other types of infrastructure," it said.
DETERRENCE: With 1,000 indigenous Hsiung Feng II and III missiles and 400 Harpoon missiles, the nation would boast the highest anti-ship missile density in the world With Taiwan wrapping up mass production of Hsiung Feng II and III missiles by December and an influx of Harpoon missiles from the US, Taiwan would have the highest density of anti-ship missiles in the world, a source said yesterday. Taiwan is to wrap up mass production of the indigenous anti-ship missiles by the end of year, as the Chungshan Institute of Science and Technology has been meeting production targets ahead of schedule, a defense official with knowledge of the matter said. Combined with the 400 Harpoon anti-ship missiles Taiwan expects to receive from the US by 2028, the nation would have
North Korea yesterday fired about 10 ballistic missiles to the sea toward Japan, the South Korean Joint Chiefs of Staff (JCS) said, days after Pyongyang warned of “terrible consequences” over ongoing South Korea-US military drills. Pyongyang recently dashed hopes of a diplomatic thaw with Seoul, Washington’s security ally, describing its latest peace efforts as a “clumsy, deceptive farce.” Seoul’s military detected “around 10 ballistic missiles launched from the Sunan area in North Korea toward the East Sea [Sea of Japan] at around 1:20pm,” JCS said in a statement, referring to South Korea’s name for the body of water. The missiles
‘UNWAVERING FRIENDSHIP’: A representative of a Japanese group that co-organized a memorial, said he hopes Japanese never forget Taiwan’s kindness President William Lai (賴清德) yesterday marked the 15th anniversary of the Tohoku earthquake and tsunami, urging continued cooperation between Taiwan and Japan on disaster prevention and humanitarian assistance. Lai wrote on social media that Taiwan and Japan have always helped each other in the aftermath of major disasters. The magnitude 9 earthquake struck northeastern Japan on March 11, 2011, triggering a massive tsunami that claimed more than 19,000 lives, according to data from Japanese authorities. Following the disaster, Taiwan donated more than US$240 million in aid, making it one of the largest contributors of financial assistance to Japan. In addition to cash donations and
CLOSER TO CHINA: The upgraded Type-12 missile has a range of about 1,000km, compared with the original model’s range of 200km, and can reach mainland China Japan is preparing to deploy its first batch of domestically developed long-range missiles, with their launchers arriving at an army camp yesterday, as the country accelerates its offensive capability in response to rising challenges in the region. The upgraded Type-12 land-to-ship missiles are to be deployed at Camp Kengun in Japan’s southwestern prefecture of Kumamoto by the end of this month, completing the process of deployment, Japanese Chief Cabinet Secretary Minoru Kihara said without giving details. Army vehicles carrying the launchers and other equipment arrived past midnight in a highly secretive mission criticized by residents. Dozens of people stood outside of the
RSS