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A total of 21.7 million mu (1.4 million hectares) of crops in Shandong are still suffering from drought even though rain drenched the province last week.
Peng Wensheng, chief economist with China International Capital Corporation Limited, said the CPI will rise by just 1.6 percent in July, marking the slowest rate of increase since January 2010.
Direct economic losses are estimated to be 1.65 billion yuan (262 million U.S. dollars), according to the statement.
To cope with the faster-than-expected slowdown, the PBOC has cut its lending and deposit rates twice and lowered the amount of funds that banks must keep in reserve.
The 10-member Association of Southeast Asian Nations (ASEAN) held its position as China's third-largest trade partner, with China-ASEAN trade amounting to 153.74 billion U.S. dollars, up 9.2 percent year on year.
来源：资阳报