Over the last few weeks, the world has been following the floods in China's Yangtze basin, the worst in 44 years. Official figures indicate that more than 2,000 people have drowned and 13.8 million have been driven from their homes by the floodwaters.
Damage is extensive.
Crops have been totally destroyed on 11 million acres or 3 percent of the national cropland total. Industrial output has suffered as the floods have forced factories to close. The transportation of both goods and people has been disrupted by the closing of roads, rail lines, and docks. The overall effect on the Chinese economy will be felt for many months. The Chinese government is treating this disaster as an act of nature, and indeed it is.