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China's stock market currently ranks third in the world in terms of market value after the United States and Japan.
As of 6 p.m., the storms had affected 358,000 people in Minxian county, Gansu province, forcing the evacuation of nearly 30,000 local residents. Another 40 people had been hospitalized. Roads were blocked, houses collapsed, and farmland destroyed by the extreme weather, according to Minxian county civil affairs bureau.
China entered its first offer to join the pact in 2007, but it was turned down as the offer did not include local governments' spending.
As part of a pilot project aimed at curbing debt risks for cash-strapped local governments, China approved the cities of Shanghai and Shenzhen, as well as the provinces of Zhejiang and Guangdong, to issue bonds in November last year. The cabinet said earlier this week that the bond issuance trials will be continued this year.
