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Express Tribune
29 minutes ago
- Business
- Express Tribune
China expands compensation for flood-hit communities
A drone view shows buildings and roads are half submerged in floodwaters after heavy rainfalls, in Rongjiang county, Guizhou province, China June 24, 2025. China Daily via REUTERS/File Photo China has expanded the economic safeguards for segments of its population affected by flood control schemes in times of extreme rainfall, including pledges of direct compensation from the central government and payments for livestock losses. In China, diverting flood-waters to areas next to rivers is a major step in managing downstream flooding. As extreme rainfall grows in frequency, China is increasingly utilising such areas, some of which have been unused until now and have been populated by farms, croplands and even residential buildings, stoking social tensions. According to revised rules on compensation related to flood diversions released late on Friday, the central government will now bear 70% of all compensation funds, with local governments responsible for the rest. Previously, the ratio was to be decided based on actual economic losses and the fiscal situation of local governments. Livestock and poultry that cannot be relocated in time before the arrival of diverted flood-waters will also be included in the compensation scheme for the first time. Previously, only the loss of working animals could be claimed for compensation. Read: Cyclone threat looms as southern China battles widespread flooding In the summer of 2023, almost 1 million people in Hebei, a province on the doorstep of Beijing, were relocated after record rain forced authorities to divert water from swollen rivers to some populated areas for storage, triggering anger over the homes and farms sacrificed to save the Chinese capital. China currently has 98 designated flood diversion areas spanning major river basins including the Yangtze River basin, home to a third of the country's population. During the 2023 Hebei floods, eight flood storage areas were used. Since the start of the East Asia monsoon in early June, precipitation in the middle and lower reaches of the Yangtze has been up to two times higher than usual, officials from the China Meterological Administration told reporters on Friday. In other parts of China, daily rainfall measured by 30 meteorological stations in provinces such as Hubei and Guizhou broke records for the month of June, they said. Guizhou was the focal point of China's flood alleviation efforts this week, with one of its cities hit by flooding on a scale that meteorologists said could only happen once in 50 years, and at a speed that shocked its 300,000 residents. That prompted Beijing to issue pledges on Thursday to move vulnerable populations and industries to low-flood areas and allocate more space for flood diversion.
Straits Times
6 hours ago
- Business
- Straits Times
Flood-hit China expands social security net as extreme rain takes toll
FILE PHOTO: A drone view shows buildings and roads are half submerged in floodwaters after heavy rainfalls, in Rongjiang county, Guizhou province, China June 24, 2025. China Daily via REUTERS/File Photo BEIJING - China has expanded the economic safeguards for segments of its population affected by flood control schemes in times of extreme rainfall, including pledges of direct compensation from the central government and payments for livestock losses. In China, diverting flood-waters to areas next to rivers is a major step in managing downstream flooding. As extreme rainfall grows in frequency, China is increasingly utilising such areas, some of which have been unused until now and have been populated by farms, croplands and even residential buildings, stoking social tensions. According to revised rules on compensation related to flood diversions released late on Friday, the central government will now bear 70% of all compensation funds, with local governments responsible for the rest. Previously, the ratio was to be decided based on actual economic losses and the fiscal situation of local governments. Livestock and poultry that cannot be relocated in time before the arrival of diverted flood-waters will also be included in the compensation scheme for the first time. Previously, only the loss of working animals could be claimed for compensation. In the summer of 2023, almost 1 million people in Hebei, a province on the doorstep of Beijing, were relocated after record rain forced authorities to divert water from swollen rivers to some populated areas for storage, triggering anger over the homes and farms sacrificed to save the Chinese capital. China currently has 98 designated flood diversion areas spanning major river basins including the Yangtze River basin, home to a third of the country's population. During the 2023 Hebei floods, eight flood storage areas were used. Since the start of the East Asia monsoon in early June, precipitation in the middle and lower reaches of the Yangtze has been up to two times higher than usual, officials from the China Meterological Administration told reporters on Friday. In other parts of China, daily rainfall measured by 30 meteorological stations in provinces such as Hubei and Guizhou broke records for the month of June, they said. Guizhou was the focal point of China's flood alleviation efforts this week, with one of its cities hit by flooding on a scale that meteorologists said could only happen once in 50 years, and at a speed that shocked its 300,000 residents. That prompted Beijing to issue pledges on Thursday to move vulnerable populations and industries to low-flood areas and allocate more space for flood diversion. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Miami Herald
17 hours ago
- Business
- Miami Herald
China Makes Another High-Speed Rail Breakthrough
The Chongqing East to Qianjiang section of the Chongqing-Xiamen High-Speed Railway, a key part of China's high-speed rail network, began operation on Friday. An inaugural train departed from Chongqing East Railway Station and reached Qianjiang Railway Station, marking the launch of the 242-kilometer segment of the Chongqing-Xiamen high-speed railway, according to China Daily. Newsweek reached out to the Chinese Ministry of Transport for comment via email. China operates the world's most extensive high-speed rail network, with more than 24,855 miles of operational lines, according to a 2023 report from the International Union of Railways. China alone accounts for nearly double the combined length of the rest of the world's high-speed rail systems, while Western competitors, such as the United States, struggle to develop at the same pace. The new segment, which started construction in May 2020, operates at speeds of up to 350 kilometers per hour and will run up to 54 trains daily. This development closes a crucial gap between Chongqing and Changsha, the capital of Hunan province, facilitating faster travel between two major regional economic hubs. The completed Chongqing to Changsha link, together with the Ganzhou to Xiamen section and the under-construction Changsha to Ganzhou section, is set to form the entire Chongqing-Xiamen high-speed rail corridor. Travel time from Chongqing to Changsha can be as short as three hours and 53 minutes, which is another fast passenger transport route between the Chengdu-Chongqing economic circle and the Changsha-Zhuzhou-Xiangtan area. Xiamen, which will eventually be fully linked, is a major port city on China's southeast coast, meaning its infrastructure could fuel increases in trade and travel efficiency for the inland-to-coastal corridor. The Chongqing East to Qianjiang section starts at Chongqing East Railway Station and passes through areas including the Nanan District, Wulong District, and Qianjiang District. It connects to the Qianjiang Railway Station of the Qianjiang-Zhangjiajie-Changde high-speed railway. Yang Zhiyong, commander of the Wulong Command Center of the Chongqing-Guizhou Chongqing-Wanzhou Railway Company,in a statement to Bastille Post Global: "With the opening of the high-speed railway, travelers can reach Zhangjiajie from Chongqing East in two and a half hours and get to Changsha from Chengdu East in about six hours. "This has established a new transport corridor connecting Chengdu, Chongqing, and Hunan, which is important for promoting rapid socio-economic development in the region." With the full Chongqing-Xiamen corridor on track for completion, future segments are under construction as China maintains its position as a global leader in high-speed rail expansion. Related Articles Donald Trump to Invent Trade Deals for Countries That Refuse to NegotiateScott Bessent Offers New Details On China Deal NegotiationsIran Joins China and Russia in Security Talks After US StrikesCzech Intelligence Reveals China Plan to Crash Into Taiwan Vice President-Elect 2025 NEWSWEEK DIGITAL LLC.
Newsweek
18 hours ago
- Business
- Newsweek
China Makes Another High-Speed Rail Breakthrough
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Chongqing East to Qianjiang section of the Chongqing-Xiamen High-Speed Railway, a key part of China's high-speed rail network, began operation on Friday. An inaugural train departed from Chongqing East Railway Station and reached Qianjiang Railway Station, marking the launch of the 242-kilometer segment of the Chongqing-Xiamen high-speed railway, according to China Daily. Newsweek reached out to the Chinese Ministry of Transport for comment via email. Why It Matters China operates the world's most extensive high-speed rail network, with more than 24,855 miles of operational lines, according to a 2023 report from the International Union of Railways. China alone accounts for nearly double the combined length of the rest of the world's high-speed rail systems, while Western competitors, such as the United States, struggle to develop at the same pace. What To Know The new segment, which started construction in May 2020, operates at speeds of up to 350 kilometers per hour and will run up to 54 trains daily. This development closes a crucial gap between Chongqing and Changsha, the capital of Hunan province, facilitating faster travel between two major regional economic hubs. The completed Chongqing to Changsha link, together with the Ganzhou to Xiamen section and the under-construction Changsha to Ganzhou section, is set to form the entire Chongqing-Xiamen high-speed rail corridor. Workers clean a high-speed train at a maintenance and cleaning center in Chongqing, China, on May 5, 2017. Workers clean a high-speed train at a maintenance and cleaning center in Chongqing, China, on May 5, 2017. Getty Images Travel time from Chongqing to Changsha can be as short as three hours and 53 minutes, which is another fast passenger transport route between the Chengdu-Chongqing economic circle and the Changsha-Zhuzhou-Xiangtan area. Xiamen, which will eventually be fully linked, is a major port city on China's southeast coast, meaning its infrastructure could fuel increases in trade and travel efficiency for the inland-to-coastal corridor. The Chongqing East to Qianjiang section starts at Chongqing East Railway Station and passes through areas including the Nanan District, Wulong District, and Qianjiang District. It connects to the Qianjiang Railway Station of the Qianjiang-Zhangjiajie-Changde high-speed railway. What People Are Saying Yang Zhiyong, commander of the Wulong Command Center of the Chongqing-Guizhou Chongqing-Wanzhou Railway Company, in a statement to Bastille Post Global: "With the opening of the high-speed railway, travelers can reach Zhangjiajie from Chongqing East in two and a half hours and get to Changsha from Chengdu East in about six hours. "This has established a new transport corridor connecting Chengdu, Chongqing, and Hunan, which is important for promoting rapid socio-economic development in the region." What Happens Next With the full Chongqing-Xiamen corridor on track for completion, future segments are under construction as China maintains its position as a global leader in high-speed rail expansion.
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First Post
a day ago
- Business
- First Post
China's May industrial profits fall 9% amid economic stress & trade war with US
Amid slowing factory output, persistent economic stress, and ongoing trade war with the United States, Chinese industrial profits fell sharply in May by 9.1% compared to the same period last year. read more Robotic arms assemble cars in the production line for Leapmotor's electric vehicles at a factory in Jinhua, Zhejiang province, China, April 26, 2023. (China Daily via Reuters/File Photo) China's industrial profits swung back into sharp decline in May from a year earlier, as factory activity slowed in the face of broader economic stress and a fragile trade truce with the United States. Deepening deflationary pressures and a persistent property crisis continued to undercut demand and growth in the world's second-largest economy. A few signs, including an unexpected pickup in retail sales growth last month, suggested some resilience among households even though market consensus is that more policy support is required to bolster a fragile economic recovery. STORY CONTINUES BELOW THIS AD Profits at China's industrial firms fell 9.1 per cent in May from a year earlier, snapping a two-month growth streak, National Bureau of Statistics data showed on Friday. The profit decline was due to 'insufficient effective demand, declining prices of industrial products and fluctuations in short-term factors', said NBS statistician Yu Weining in a statement. Industrial profits slid 1.1 per cent in the first five months of 2025 from the same period last year. This compares with a 1.4 per cent increase in the January-April period. China's factory-gate deflation deepened to its worst level in almost two years last month while consumer prices extended declines. Prices took a hit from US President Donald Trump's tariffs on commodities, while domestic price wars hit gross margins, said Xing Zhaopeng, senior China strategist at ANZ. With US tariffs set to remain high, factories are facing immense strains, particularly in sectors such as autos where excessive competition has prompted an official call to end bruising price wars. Local auto dealers have appealed for automakers to stop dumping cars on dealerships, saying the intense price war was damaging their cash flow, driving down their profitability and forcing some to shut. STORY CONTINUES BELOW THIS AD 'The impact of overcapacity and falling prices on enterprises is still emerging, and efforts need to be made to adjust supply and stabilise demand,' said Feng Jianlin, chief economist at Beijing FOST Economic Consulting. Profits at state-owned firms dropped 7.4 per cent in the first five months. Private-sector companies recorded a 0.3 per cent increase and foreign firms saw a 3.4 per cent rise, according to a breakdown of the official data. Industrial profit numbers cover firms with annual revenue of at least 20 million yuan ($2.78 million) from their main operations. (This is an agency copy. Except for the headline, the copy has not been edited by Firstpost staff.)
