Typhoon Bualoi has brought torrential rains and strong winds to south China's Hainan Province, prompting the mobilization of emergency measures across the island to protect residents and minimize damage.
On Saturday night, the city of Sanya in Hainan Province issued a red alert for heavy rainfall and upgraded its emergency response for flood and wind disasters to Level II.
In response to worsening weather conditions, classes at all primary and secondary schools, kindergartens, and off-campus training institutions have been suspended in Sanya, a coastal city on the island known for its beaches. Sanya Phoenix International Airport has halted all flight operations, with services expected to resume Sunday night. Major tourist attractions across the city have also temporarily shut down.
By Saturday afternoon, the Sanya Maritime Authority had organized the evacuation of more than 2,000 non-essential personnel from offshore operation platforms and other vessels within its jurisdiction to ensure maritime safety
In Hainan's island city of Sansha, a top-level emergency response was activated on Saturday. Various departments are conducting hazard inspections, reinforcing doors and windows, and relocating residents and construction workers on islands and reefs.
As of 16:00 Saturday, Sansha had successfully relocated and resettled 685 people.
"After we arrived at the sports center, they handed out water, instant noodles, and other supplies. We feel safe staying here," said Wu Guangliu, a construction worker at a project site in Sansha.
According to the Hainan Meteorological Bureau, heavy to torrential downpours are expected on Sunday, especially in the eastern and southern regions of the island, with some areas forecast to face extremely heavy rainfall.
Hainan braces for storms as Typhoon Bualoi approaches
China's financial aggregates grew at a reasonable pace and the financial system provided stable support for the real economy in the first half of this year, according to the latest official data released by the central bank on Wednesday.
People's Bank of China (PBOC) data show that at the end of June, the balance of the broad money supply (M2) grew by 8 percent year over year, continuing to exceed that of nominal GDP (gross domestic product).
In the first half of the year, new Chinese yuan loans totaled 10.72 trillion yuan (about 1.58 trillion U.S. dollars) and new bond financing amounted to 8.51 trillion yuan (about 1.26 trillion U.S. dollars). The share of bond financing increased and the financial system's support for the real economy remained solid in the first six months.
While aggregate financing volume increased, more credit funds flowed into key areas and weak links such as sci-tech innovation and small and micro enterprises in the first half of the year.
As of the end of June, the outstanding balance of inclusive loans to small and micro enterprises grew by 8.3 percent year on year, and the outstanding balance of medium- and long-term loans to the industrial sector rose by 5.9 percent -- both exceeding the growth rate of total loans.
The overall social financing cost was at a historically low level in the six-month period.
In June, the average interest rate on newly issued corporate loans was around 3.0 percent, about 20 basis points lower than the same period of the previous year. The interest rate for newly issued personal housing loans was about 3.1 percent, basically on a par with that of the same period last year.
The Chinese exchange rate remained stable with an upward trend in the first half of the year. The Chinese yuan had appreciated by 4.7 percent against a basket of foreign currencies by the end of June and by 3 percent against the U.S. dollar compared to the end of last year. "Overall, major macro financial indicators reflecting the operation of the financial sector fully demonstrate the status of the appropriately accommodative monetary policy. The social financing conditions are relatively accommodative, while the quality and efficiency of financial services for the real economy are constantly improving," said Zou Lan, deputy governor of PBOC.
China's financial aggregates grow at reasonable pace in Jan-June
