Deadly flooding in China has caused billions of yuan in financial losses and a slowdown in industrial production — but possible government spending on repairs could see manufacturing bounce back soon. Flooding in the Yangtze River basin and northeastern China last month was the worst since 1998 and left a US$33 billion (HK$256 billion) economic toll on the country, according to a catastrophe report released by London-based insurance broker Aon on Thursday. Just two per cent of the damage was covered by insurance, Aon said. The flooding, which left an estimated 764 people dead or missing, according to the Ministry of Civil Affairs, forced ... (Read the full story)
