The China Banking Regulatory Commission has issued a circular to require banking institutions nationwide to lend more to restoration projects and enterprises in disaster-afflicted areas.
Credit extension should focus on reconstruction of local power grids, on coal and oil transport and electricity transmission as well as on production and distribution of farm produce and spring ploughing.
Extreme weather from mid January to mid February left 107 people dead and eight missing. Losses were set at about 111.1 billion yuan (15.6 billion U.S. dollars). In all, 21 provinces, autonomous regions and municipalities were affected. About 1.5 million people were relocated
The freak weather affected almost 24.4 million hectares of farmland and 18.6 million hectares of forests, leading to the collapse of about 354,000 houses.
(Xinhua News Agency February 23, 2008)
