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Heavy flooding in areas along China’s Yangtze River has forced millions of people to leave their homes.
Wanzhou, a city near Chongqing in southern China, is one of the places hard-hit by this summer’s heavy flooding. A lot of the shops were flooded and their products were destroyed in the city.
Chen, a shop owner who wanted to go by his last name, says his shops lost $5 million Chinese yuan (around $731,000) because of the heavy rainfall.
“The government hasn’t done enough flood prevention and if measures aren’t taken, similar disasters will happen again in the future,” says Chen.
The flooding could impact agricultural and manufacturing output, as well as constrain consumption and investment demand, according to economists from Nomura Holdings Inc. and Huachuang Securities Co.
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In This Story: China
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In This Story: Nomura Holdings Inc
Nomura Holdings, Inc. is a Japanese financial holding company and a principal member of the Nomura Group.