CHONGQING: Clusters of middle-aged men and women sat on stools around low portable tables, playing cards while onlookers stood by. A few steps away, a man was taking a nap on the cool floor. Several kids zoomed their toy cars on the ground. A young man sat silently, pl
“We used to bake five rounds a day and then we can still cover our operating costs. Now we only open at 4pm. We bake just once a day and when the cakes are sold out, we go home. It has a great impact on us,” said Xu Jiangui, the only baker left at a cheesecake shop on the ground floor of a mall.Meanwhile, industrial production was crimped by power cuts.
The power cuts sent lithium prices in China soaring to record high since April and businesses say the lack of advance notice gave them little time for contingency plans. “The five months between June and October are usually when Sichuan’s hydropower production is at its peak,” wrote Andrew Polk, Head of Economic Research at policy analysis firm Trivium China,
The extreme weather events, the worst that China had experienced since meteorological records began in 1961, are threatening to seriously hit China’s economy.
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