China Says Quake Losses Total $9.5 Billion

By: Associated Press Email
By: Associated Press Email

Beijing (AP) The financial toll from China's massive earthquake is mounting a week after the tremor struck.

The Chinese government says companies in Central China suffered 9.5 billion dollars in damage.

More than 14,000 companies in Sichuan province were damaged and nearly 1,400 of their employees were killed. Independent estimates are putting the total losses at up to 20 billion dollars after lost future output is taken into account.

The power grid alone has suffered nearly a billion dollars in damage.

The government is tapping its strategic fuel reserves and shipping more food to the affected region to prevent shortages and hold down prices.

However, analysts say that the long-term effect on China's fast-growing economy should be limited.

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