China S Heatwave Could Have Negative Effects On Its Economy Economist

Vcg | Visual China Group | Getty Images China is currently in the grips of a devastating heat wave that could have a severe impact on its economy, according to Hang Seng Bank China’s chief economist. The heat wave “is a pretty dire situation,” Dan Wang told CNBC’s “Squawk Box Asia” on Thursday, adding that it could likely last for the next “two to three months easily.” China is facing record heat and battling a power outage in the Yangtze River region. Extreme temperatures have disrupted crop growth and threatened livestock. “It will affect these large energy-intensive industries and it will [a] negative effect throughout the economy, even the global supply chain,” he said. “We are already seeing a slowdown in production in the steel industry, in the chemical industry, in the fertilizer industry. These are very important things in terms of construction, agriculture and manufacturing in general,” Wang added. According to a state media report, most areas of the Yangtze River Basin have seen extremely high temperatures since July. Rainfall in the region has dropped by about 45% compared to the average in recent years, according to data from the Ministry of Water Resources. The report also quoted Liu Weiping, vice minister of water resources, as saying on Wednesday that reservoirs have replenished 5.3 billion cubic meters of water in the middle and lower reaches of the Yangtze River since August. The latest heat wave and blackouts were reminiscent of last year’s major blackout that engulfed many of China’s key industrial hubs, including Guangdong, Zhejiang and Jiangsu. “Last year, as we have estimated, the period of power shortage caused China to increase its GDP by about 0.6 percent,” Wang said. “This year we think that number will be much higher … I would say 1.5% lower.” “Right now, we’re giving 4% GDP growth for the whole year. If the current situation continues, then I have to say that the growth rate is probably lower [3%],” she added.

title: “China S Heatwave Could Have Negative Effects On Its Economy Economist Klmat” ShowToc: true date: “2022-10-28” author: “James Brown”

Vcg | Visual China Group | Getty Images China is currently in the grips of a devastating heat wave that could have a severe impact on its economy, according to Hang Seng Bank China’s chief economist. The heat wave “is a pretty dire situation,” Dan Wang told CNBC’s “Squawk Box Asia” on Thursday, adding that it could likely last for the next “two to three months easily.” China is facing record heat and battling a power outage in the Yangtze River region. Extreme temperatures have disrupted crop growth and threatened livestock. “It will affect these large energy-intensive industries and it will [a] negative effect throughout the economy, even the global supply chain,” he said. “We are already seeing a slowdown in production in the steel industry, in the chemical industry, in the fertilizer industry. These are very important things in terms of construction, agriculture and manufacturing in general,” Wang added. According to a state media report, most areas of the Yangtze River Basin have seen extremely high temperatures since July. Rainfall in the region has dropped by about 45% compared to the average in recent years, according to data from the Ministry of Water Resources. The report also quoted Liu Weiping, vice minister of water resources, as saying on Wednesday that reservoirs have replenished 5.3 billion cubic meters of water in the middle and lower reaches of the Yangtze River since August. The latest heat wave and blackouts were reminiscent of last year’s major blackout that engulfed many of China’s key industrial hubs, including Guangdong, Zhejiang and Jiangsu. “Last year, as we have estimated, the period of power shortage caused China to increase its GDP by about 0.6 percent,” Wang said. “This year we think that number will be much higher … I would say 1.5% lower.” “Right now, we’re giving 4% GDP growth for the whole year. If the current situation continues, then I have to say that the growth rate is probably lower [3%],” she added.

title: “China S Heatwave Could Have Negative Effects On Its Economy Economist Klmat” ShowToc: true date: “2022-11-09” author: “Adam Shortt”

Vcg | Visual China Group | Getty Images China is currently in the grips of a devastating heat wave that could have a severe impact on its economy, according to Hang Seng Bank China’s chief economist. The heat wave “is a pretty dire situation,” Dan Wang told CNBC’s “Squawk Box Asia” on Thursday, adding that it could likely last for the next “two to three months easily.” China is facing record heat and battling a power outage in the Yangtze River region. Extreme temperatures have disrupted crop growth and threatened livestock. “It will affect these large energy-intensive industries and it will [a] negative effect throughout the economy, even the global supply chain,” he said. “We are already seeing a slowdown in production in the steel industry, in the chemical industry, in the fertilizer industry. These are very important things in terms of construction, agriculture and manufacturing in general,” Wang added. According to a state media report, most areas of the Yangtze River Basin have seen extremely high temperatures since July. Rainfall in the region has dropped by about 45% compared to the average in recent years, according to data from the Ministry of Water Resources. The report also quoted Liu Weiping, vice minister of water resources, as saying on Wednesday that reservoirs have replenished 5.3 billion cubic meters of water in the middle and lower reaches of the Yangtze River since August. The latest heat wave and blackouts were reminiscent of last year’s major blackout that engulfed many of China’s key industrial hubs, including Guangdong, Zhejiang and Jiangsu. “Last year, as we have estimated, the period of power shortage caused China to increase its GDP by about 0.6 percent,” Wang said. “This year we think that number will be much higher … I would say 1.5% lower.” “Right now, we’re giving 4% GDP growth for the whole year. If the current situation continues, then I have to say that the growth rate is probably lower [3%],” she added.

title: “China S Heatwave Could Have Negative Effects On Its Economy Economist Klmat” ShowToc: true date: “2022-11-05” author: “Joshua Drennon”

Vcg | Visual China Group | Getty Images China is currently in the grips of a devastating heat wave that could have a severe impact on its economy, according to Hang Seng Bank China’s chief economist. The heat wave “is a pretty dire situation,” Dan Wang told CNBC’s “Squawk Box Asia” on Thursday, adding that it could likely last for the next “two to three months easily.” China is facing record heat and battling a power outage in the Yangtze River region. Extreme temperatures have disrupted crop growth and threatened livestock. “It will affect these large energy-intensive industries and it will [a] negative effect throughout the economy, even the global supply chain,” he said. “We are already seeing a slowdown in production in the steel industry, in the chemical industry, in the fertilizer industry. These are very important things in terms of construction, agriculture and manufacturing in general,” Wang added. According to a state media report, most areas of the Yangtze River Basin have seen extremely high temperatures since July. Rainfall in the region has dropped by about 45% compared to the average in recent years, according to data from the Ministry of Water Resources. The report also quoted Liu Weiping, vice minister of water resources, as saying on Wednesday that reservoirs have replenished 5.3 billion cubic meters of water in the middle and lower reaches of the Yangtze River since August. The latest heat wave and blackouts were reminiscent of last year’s major blackout that engulfed many of China’s key industrial hubs, including Guangdong, Zhejiang and Jiangsu. “Last year, as we have estimated, the period of power shortage caused China to increase its GDP by about 0.6 percent,” Wang said. “This year we think that number will be much higher … I would say 1.5% lower.” “Right now, we’re giving 4% GDP growth for the whole year. If the current situation continues, then I have to say that the growth rate is probably lower [3%],” she added.

title: “China S Heatwave Could Have Negative Effects On Its Economy Economist Klmat” ShowToc: true date: “2022-11-06” author: “Debby Crockett”

Vcg | Visual China Group | Getty Images China is currently in the grips of a devastating heat wave that could have a severe impact on its economy, according to Hang Seng Bank China’s chief economist. The heat wave “is a pretty dire situation,” Dan Wang told CNBC’s “Squawk Box Asia” on Thursday, adding that it could likely last for the next “two to three months easily.” China is facing record heat and battling a power outage in the Yangtze River region. Extreme temperatures have disrupted crop growth and threatened livestock. “It will affect these large energy-intensive industries and it will [a] negative effect throughout the economy, even the global supply chain,” he said. “We are already seeing a slowdown in production in the steel industry, in the chemical industry, in the fertilizer industry. These are very important things in terms of construction, agriculture and manufacturing in general,” Wang added. According to a state media report, most areas of the Yangtze River Basin have seen extremely high temperatures since July. Rainfall in the region has dropped by about 45% compared to the average in recent years, according to data from the Ministry of Water Resources. The report also quoted Liu Weiping, vice minister of water resources, as saying on Wednesday that reservoirs have replenished 5.3 billion cubic meters of water in the middle and lower reaches of the Yangtze River since August. The latest heat wave and blackouts were reminiscent of last year’s major blackout that engulfed many of China’s key industrial hubs, including Guangdong, Zhejiang and Jiangsu. “Last year, as we have estimated, the period of power shortage caused China to increase its GDP by about 0.6 percent,” Wang said. “This year we think that number will be much higher … I would say 1.5% lower.” “Right now, we’re giving 4% GDP growth for the whole year. If the current situation continues, then I have to say that the growth rate is probably lower [3%],” she added.