Chinese earthquake with 10,000 victims to affect economy

China's steaming economy cooled only slightly in the first quarter despite the storms and global gloom, expanding by 10.6 percent in January-March from a year earlier. That compared with expansion of 11.2 percent in the previous quarter.

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Yet, China is struggling to contain inflation that remains near decade-high levels, and the earthquake could increase those pressures,

Sichuan produces about 9 percent of China's total rice harvest, and given recent worries over shortages and surging prices, the disaster could fuel panic buying that would drive prices higher, Sun wrote in a report released Tuesday.

While many in China were just beginning to tally the damage from the quake, others were already reckoning on the potential opportunities from the knowledge that every disaster brings a period of reconstruction.

In Tokyo, shares in bulldozer and other heavy equipment makers rose on expectations of higher demand due to the cleanup and rebuilding from the quake.

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