China Says Quake Losses Total $9.5 Billion

Financial Losses Mount As 14,207 Companies Damaged, 1,387 Employees Killed In Sichuan

(AP)  Companies suffered $9.5 billion in damage in last week's quake in central China, the government said Monday.

Some 14,207 companies in Sichuan province and surrounding areas were damaged by the May 12 quake and 1,387 of their employees killed, a deputy industry minister, Xi Guohua, said at a news conference.

Independent estimates have put total losses at up to $20 billion after lost future output is taken into account.

The power grid suffered $950 million in damage, Xi said. He gave no other details, but earlier reports said factories, coal mines, toll roads, office buildings, chemical plants and other facilities were damaged or destroyed.

The magnitude 7.9 quake killed at least 34,000 people and officials say they expect the death toll to surpass 50,000.

Analysts say the long-term effect on China's fast-growing economy should be limited. Sichuan, in the mountainous central part of the country, is a major source of coal and natural gas, but has limited manufacturing, finance and other industries.

On Monday, China marked one week since the massive earthquake, with people observing three minutes of silence and sirens and horns wailing in memory of the dead.

Residents of three counties were still without power a week after the quake damaged generating stations and the power grid, a Cabinet spokesman, Hua Qing, said at the news conference.

Xi said Chinese phone companies were still struggling to restore service in quake areas because repair crews were hampered by landslide-clogged roads. He said one employee of state-owned China Mobile Corp. had died during reconstruction work.

Also Monday, the government said it was releasing fuel supplies from a national strategic reserve in Sichuan to prevent shortages.

The State Reserves Bureau released 44,000 barrels of fuel from the stockpile, according to the country's main planning agency, the National Development and Reform Commission. The reserve was created to insulate China against possible interruptions in foreign oil supplies.

Gasoline and diesel also will be shipped in from reserves elsewhere, the commission said.

China's biggest oil company, PetroChina Ltd., said it was sending 16 tank trucks and five mobile fuel tanks to Sichuan to improve ability to distribute supplies.

PetroChina chairman Jiang Jiemin said last week the company was studying the possible impact of the quake on its plans to build a large refinery in Sichuan.

Also Monday, state-owned Agricultural Bank of China, the country's main rural lender, said it expected borrowers to default on 6 billion yuan ($850 million) in loans due to earthquake damage.

Eight damaged PetroChina filling stations near the quake's epicenter have reopened, the company said late Sunday.

The government was shipping extra supplies of rice, pork, soybean oil and other food items to the area to ensure stable supplies and hold down prices, the NDRC said.

The government is "closely watching food prices," the agency said on its Web site.

The quake killed 12.5 million farm animals - mostly chickens - and wrecked vegetable crops and irrigation systems needed to grow rice, the Agriculture Ministry says.

More than 50,000 acres of vegetables and more than 25,000 acres of wheat were destroyed by the May 12 quake in Sichuan province, the ministry said.

Damage to irrigation systems could prevent farmers from growing rice on as much as 250,000 acres of rice paddies, the ministry said. But it said that land might be used for alternative crops while the damage is repaired.

The losses should not affect food supplies, because Sichuan was due to produce 1.5 billion birds this year, said Wei Chao'an, a deputy agriculture minister, in comments reported by the official Xinhua News Agency.

Sichuan usually supplies about 6 percent of China's grain and 5 percent of its vegetables, according to Wei.

[forthepeopl1]

DONT WORRIE THEY CAN AFFORD IT, WE THE PEOPLE ARE BUYING THEIR C/R/A/P/ STILL. SO DONT WORRIE THEY HAVE ANOUGH MONEY.

[incog-nito]

$9.5 billion? Enough to keep the Iraq war going for about a week.

[mausan1]

This is an earthquake!!!! It has nothing to do with contaminated products and globe warming!!! You stupid Amerians are ************. IF you can not give basic respect to these dead in such a huge calamity, shut up your dirty mouth then!!!

[rushlimpdrug]

"China Says Quake Losses Total $9.5 Billion"

Now that could buy a lot of contaminated dog food,
or rice, or lead based paint, or tainted toothpaste
or . . . . .

[iamauto]

it''s only the loss of companies.
not including the loss of foundamental facilities, roads, bridges, schools, hospitals, everything is destroied.

[jydavis1]

9.5 billion - hmmm, that''s not bad - it''s just 3 days worth of what China lends the USA just to keep operating ..

[apndrgn]

all components are tested on the unholtz-dickie shaker head. sometimes the unit shatters during high g level random vibration. Better to have them shatter on the ground than waste a space launch on them.
These components were subject to the mil-spec 69 which states that individuals may only reincarnate in mainland China. suggest a review of the mil-spec. Apparently some 50,000 individuals have to date reincarnated outside of mainland china. This earthquake was the coverup. Anarchy will prevail if the government looks too stupid.

[faith_in_w]

I am very concerned about the earthquakes impact of making toys in China. Are the people back at work yet? Has there been a major impact in production? Any info is appreciated. Thanks in advance.

[rational_1]

"Some 14,207 companies in Sichuan province and surrounding areas were damaged by the May 12 quake..."

Someone better step up to continue the fine Chinese tradition of making toxic toys and other exportable hazards.

[tbweb]

Global Warming and Climate Change is real, these repeated disasters upon nations can no longer be ignored and swept under the rug! The World has united to disarm each other, the world should now unite to disarm nature as well. Nature seems to have some weapons of mass destruction of her own!

[prinzowhales]

There...is...no...global...warming!!! Look at the data!!

Obama is supported by Big Oil...John D. Rockefeller IV endorses him! They want a New World Order and a carbon tax on your back to support a whole new layer of bureaucrats upon the face of the planet.

CO2 is not pollution! It is what life depends on! Plants need it to flourish! And plants create oxygen! I want more CO2!!!

Corn ethanol!! Is there any end to the insanity! Food shortages and the morons are burning corn--and not even making liquor with the squeezings! Brown''s gas, which is virtually free is, of course, ignored.

We live on a changing planet, AL22008! Isn''t it marvellous?!!

[prinzowhales]

Only $9.7 billion?...That works out to be about $1,000 a-head on the dead alone....But, this included the buildings that killed these poor folks as well... dwellings and places of employment...

[al2008-2009]

I%u2019m appalled at the administration%u2019s lack of response to the global warming earthquakes, hurricanes, and cyclones as well. We have no comprehensive strategy in place whatsoever, let alone a detailed plan of action to mitigate the effects of these quakes and cyclones, and mother earth continues to suffer while the administration refuses to go forward and do what%u2019s right for mother earth.
.
How long must we sit idly by while our mother continues to suffer from the warming taking place at a feverish pace? How long must our mother suffer before we have proper c02 taxes put into place? How long must the destruction of mother earth take place before we finally put responsible regulations into effect? How long must we wait until we beef up our corn ethanol production? At least Obama wants to cut c02 pollution by 80%; he is definitely our best hope.
.
We the people call upon our leaders to implement a comprehensive antiglobal warming strategy at once and work in coordination with state and federal officials; these quakes, cyclones and disasters continue to worsen and the quicker we stop the warming the sooner we will see these quakes and storms cease. We need action now.