. . .China’s 2020 will be as bad as anyone else’s.
Some have noted that the flooding isn’t just the dams, but also the cities. Scores dead, thousands displaced, and billions in property damage. China has the money to withstand the economic impact, but the worst may yet be to come.
The Yangtze River basin is also flooded, and that area accounts for 70% of the China’s domestic rice production. It’s only mid-summer, and many farmers have already lost their entire crops. If this continues, high food prices during a flagging economy means the poor will starve. Or just as likely, Beijing will starve the Uygurs to death, saving food for ethnic Chinese people. They’ve already committed dozens of crimes against humanity, what’s one more to them?
By this time of year, the rice growing on Bao Wentao’s family farm should have been ready to harvest.
Instead, heavy flooding has engulfed huge swathes of southern China, including more than 36 acres of rice fields that 19-year-old Bao and his father tend to in their village near Poyang Lake.
“The crops have completely failed,” Bao told CNN Business in an interview over the social media app WeChat, adding that his family has already lost roughly 200,000 yuan ($28,000) worth of produce. “The rice was nearly ripened and ready to harvest before the flooding. But now everything is gone.”
China has the money to withstand buying imported rice and food this year, but what about future years if this repeats? Thailand and Vietnam are two if the ten largest rice growing countries in the world. They’re capable of telling other countries, “sell it – or else”. Or will China demand food exports from African nations heavily in debt to the PRC?
The hottest debate in Africa’s largest economy over the past week has been the over possibility of “losing” its sovereignty to China over bad debts.
It has come amid a wave of claims by federal lawmakers who are pushing for a probe into China’s lending practices to Nigeria, in the wake of a sovereign guarantee clause in loan agreements that has been erroneously interpreted. The dominant and controversial narrative is that the clause could see Nigeria sign away its sovereignty in the event of a payment default. And the outcry has proven significant enough for China’s embassy in Nigeria’s capital to deny plans to seize Nigerian assets.
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