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Critical part of annual flood season in China expected to end Monday amid severe flood prevention challenges

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      China

      China

      Critical part of annual flood season in China expected to end Monday amid severe flood prevention challenges

      2024-08-19 18:09 Last Updated At:18:47

      The critical part of the annual flood season in China, which usually runs from late July to early August, is expected to end on Monday, but severe flood prevention challenges persist as the country remains in a peak flood season, according to the country's Ministry of Water Resources.

      Since the start of the flood season, there have been 25 significant flood occurrences on the country's major rivers, the highest number recorded since data collection began in 1998.

      In July, particularly during the critical part of the annual flood season, intense rainfall and frequent flooding pounded the country.

      The cumulative national precipitation has reached 183 millimeters, 10 percent above the annual average.

      Thirty rivers have seen floods surpassing historical records, with the number of rivers seeing the water level on them exceeding the warning line going up by 120 percent compared to the same period of previous years, and those seeing their water level surpassing safety thresholds nearly 60 percent higher.

      Since July, 1,182 large and medium-sized reservoirs in the Yangtze River, the Yellow River, the Huai River, the Pearl River, the Songhua and Liao River, and the Taihu Lake basins have been actively managed to reduce flood peaks and alleviate pressure on downstream areas.

      Currently, the country remains in a peak flood season and faces a challenging flood prevention situation. Floodwaters on the Wusuli River in northeast China's Heilongjiang Province is still in excess of the safety line, heavy rainfall in certain areas still poses risks of secondary disaster, and potential future typhoons could further impact the region.

      The Ministry of Water Resources has urged strict implementation of flood prevention measures to manage and mitigate risks before they escalate, focusing on safeguarding lives, protecting property and ensuring social stability.

      Critical part of annual flood season in China expected to end Monday amid severe flood prevention challenges

      Critical part of annual flood season in China expected to end Monday amid severe flood prevention challenges

      China's issuance of its first Renminbi-denominated green sovereign bonds on the London Stock Exchange on Wednesday represents a strategic leap in global sustainable finance and currency internationalization, said a Chinese economist.

      According to the Ministry of Finance, it successfully completed the bookbuilding and issuance of six billion yuan (around 825.52 million U.S. dollars) in green sovereign bonds in London on behalf of the central government.

      This bond issuance delivers on commitments made during January's China-UK Economic and Financial Dialogue in Beijing.

      To support this initiative, the ministry released a framework for sovereign green bonds in February, paving the foundation for the country to issue offshore sovereign green bonds and global capital to invest in its green development.

      "The issuance is open to international investors, providing them with clear and standardized investment guidelines. It shows China's open attitude. This is about setting international standards. By issuing a bond that it needs, China is actively engaging in setting an international standard," said Zou Jingxian, an associate professor of the National Academy of Development and Strategy under Renmin University of China.

      The move also comes as global demand for green sovereign bonds continues to grow, with such instruments typically enjoying strong investor appetite and favorable interest rates.

      "The green transformation is critical for China's economy and also meets the public growing demand for a better quality of life. The funds raised through these bonds will be allocated to specific areas like green innovation, renewable energy. Second, it can boost international confidence in China's economy. We know that confidence is important for one economy. By issuing green sovereign bonds, China can attract more international capital," said Zou.

      China issues first RMB green bonds in London, advancing global sustainable finance: expert

      China issues first RMB green bonds in London, advancing global sustainable finance: expert

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