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BEIJING, Aug. 20 (Xinhua) -- State Councilor Yang Jiechi met with the U.S. Senate's Foreign Relations Committee chairman Robert Menendez on Tuesday, according to a National People's Congress (NPC) press release.

It added that the downpours have damaged or destroyed 561 houses and ruined 12,120 hectares of crops, resulting in direct economic losses of 148 million yuan (about 24 million U.S.dollars).

More days will be needed to calculate detailed losses, but the figure will be significantly lower than the mightier quake that jolted Sichuan's Wenchuan City, which left about 87,000 people dead or missing, according to market estimates.

Overcapacity problems intensified following over-investment in 2009, and it will be seven years from that point before the excessive production is eased, Chen Letian, chief macroeconomic analyst with Rising Securities, wrote in an article published on the China Securities Journal reported on Friday.

Heng Samrin said he would join the event.