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China mounts full-fledged efforts to minimize impact of heat waves; economy to ‘grow within reasonable range’ despite dual pressure

2022-08-20 09:12:04       source:Global Times

August 20, 2022

As a persistent heat wave continues to affect major hydropower production and electronics manufacturing bases in Southwest China, Chinese officials and power companies have mounted a full-fledged, nationally coordinated effort to ensure power supply as well as stabilize economic activities that are already under pressure from COVID-19 outbreaks. 

Though the power shortages caused by the heat wave and drought are impacting certain business operations, with some companies reportedly temporarily closing or reducing capacity, and such impact may spill to other key economic hubs in the East and South, the overall impact on the Chinese economy remains limited and foreign media outlets' hype of the impact on the Chinese economy is seriously overblown, Chinese economists said.  

Analysts noted that with the growing efforts to tackle the current power shortages caused by the extreme weather, coupled with the already intensifying campaign to stabilize economy, the world's second-largest economy will operate in a reasonable range, in stark contrast to dire situations, including recession, faced by other world major economies.

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