As China’s economy stutters, the country’s PM Li Keqiang has ordered key provinces which account for China’s growth to implement pro-growth measures.
The Chinese central bank cut interest rates as the country missed estimates on industrial output and retail sales. China has been hit with supply chain crisis about lockdowns with several factories being shut in cities.
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Chinese media reported that Keqiang asked officials to boost consumption while vowing to step up support to ensure employment and ensure economic growth. Li reportedly also acknowledged the downward spiral had occurred due to repeated lockdowns in the second quarter while focussing on “development”.
Reports claim Chinese officials may issue extra debt and bonds this year to ensure infrastructure spending. China’s economic slump comes amid a heatwave with its autumn harvest under threat. The weather forecasters say the heatwave is likely to continue for the next two weeks.
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The Yangzte river received less water this year due to drought conditions in the country. The river faced high temperatures reaching 40 degrees celsius over the past month as officials deployed pumps to ensure the depleted water levels do not threaten crops.
Last month rainfall in the Yangtze river fell by 30 per cent and is down 60 per cent this month, reports say. The Poyang lake in Jiangxi province which helps to regulate water flow into the Yangtze river has also shrunk.
Chinese media reports claim authorities have put together cloud-seeding missiles in order to “seed” clouds and induce rain. Officials say the Three Gorges reservoir does not have enough water for downstream outflow into the Yangtze river with water levels dwindling to half as compared to last year.
(With inputs from Agencies)
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