CITIC: Quake could trim 0.2% off GDP growth

An economist with CITIC securities has estimated that last week’s earthquake in Sichuan will trim China’s 2008 economic growth by at least 0.2%, AFP reported. However, other analysts continued to say the quake’s economic impact would be small compared to this year’s snowstorms in southern China. China’s government has put the direct economic losses from the quake at US$9.6 billion in Sichuan alone. The losses amount to approximately 0.27% and 6.38% of China’s and Sichuan’s GDPs, respectively. According to the Ministry of Industry and Information, the earthquake affected 14,207 businesses in Sichuan.