By Susan Jiang
Last Saturday, April 20th, an earthquake with an original magnitude of 6.6 struck the southwestern Chinese province of Sichuan, killing at least 192 people, injuring more than 11,000, and displacing tens of thousands. While the epicenter was located in Lushan County, there were more than 2,000 aftershocks caused by the earthquake. The tremors were even felt in Chengdu, the capital of Sichuan Province and one of China’s most populated cities.
This earthquake in Sichuan mirrors that of the 7.9-magnitutde earthquake that struck the province in 2008. The 2008 earthquake killed more than 87,000 people and raised questions about the nation’s poorly constructed buildings and schools that collapsed and killed thousands of students. Most buildings that were constructed after the 2008 disaster, however, have withstood the earthquake last Saturday.
The earthquake, along with the H7N9 bird flu infections in China, has had a ripple effect China’s economy. Most Asian stocks have fallen due to the added prevailing uncertainties with the bird flu and the earthquake, causing market sentiments to remain cautious. In addition, the earthquake has added to the challenges of China’s decreasing rates of manufacturing growth. The Chinese government and citizens, however, have remained optimistic in light of the recent events.
Susan Jiang is a current freshman in the Dyson School hoping to specialize in Accounting and Finance. Other than serving as a International Sector analyst for Cornell Current, she is the VP of Internal Operations of the Microfinance Club. She is also a proud member of Cornell Business Review’s business team and 85Broads. She can be reached at ssj42@cornell.edu
Sources:http://edition.cnn.com/2013/04/22/world/asia/china-sichuan-earthquake/index.htmlhttp://www.nytimes.com/2013/04/21/world/asia/china-earthquake.html?_r=0http://www.washingtonpost.com/world/asia_pacific/china-says-no-buildings-constructed-after-massive-earthquake-in-2008-collapsed-in-recent-quake/2013/04/25/64873d7a-ad93-11e2-b240-9ef3a72c67cc_story.htmlhttp://www.bloomberg.com/news/2013-04-23/asian-stocks-little-changed-as-investors-await-china-data.htmlhttp://www.bloomberg.com/news/2013-04-23/china-s-manufacturing-growth-slows-as-economic-recovery-falters.html