China’s growth may be imperilled unless the country addresses a deepening water crisis, according to a report released by the Asia Water Project in Hong Kong.

Scarcity and pollution of the resource will be particularly acute for water-intensive industries such as steel, textiles, paper and forest products.

Ensuring a sustainable water supply in China is likely to become a key factor in corporate planning that will affect the nation’s existence and the profitability of companies operating in the country, according to the report.