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Global crisis hits over 1,300 south China firms: report
Beijing (AFP) Nov 11, 2008 More than 1,300 companies shut down, suspended operations or moved out of south China's Pearl River Delta in the first nine months of the year due to the global downturn, state press said Tuesday. The number is from the cities of Shenzhen and Dongguan only and the overall figure for all of Guangdong province, just north of Hong Kong, could be much larger, the China Daily said. About 30 percent of overseas-invested firms in the delta region are losing money, the report said, citing Wu Jun, a senior official with the province's foreign trade department. Half of them just manage to break even and only 20 percent post a profit, he said. Exports from the province rose by 13.5 percent in the first nine months, down from 24.2 percent in the same period last year, customs data showed. The weakening exports has impacted the desire of foreign companies to invest in Guangdong, and the local governments are now introducing new incentives to encourage investment, Wu said. "The authorities not only provide support to the affected firms but also give them money to persuade them to stay in the city," he said, according to the China Daily. For example, the Dongguan government has allocated four billion yuan (590 million dollars) to help more than 15,000 overseas-invested firms in the city cope with the crisis, it said. The global financial woes have had a palpable impact on China's economy as a whole, with the trade surplus declining by 2.6 percent in the first nine months from a year earlier. Related Links The Economy
China's inflation hits 17-month low
Beijing (AFP) Nov 11, 2008China's inflation rate hit a 17-month low of 4.0 percent in October, down from 4.6 percent the previous month, the government said on Tuesday. |
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