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by Greg Cruey on October 30, 2008
A recent report by Asia Pacific News says that at least 2.7 million factory workers in southern China could lose their jobs as the global economic crisis hits demand for electronics, toys and clothes.
The article says that there are 45,000 factories in Guangzhou, Dongguan, and Shenzhen and that 9,000 factories in those three cities alone are expected to close before the Chinese New Year in late January. Small and medium sized companies are being especially hard hit. But large manufacturers are not immune from layoff, according to the news report.
Photo courtesy of iStockphoto, Bartlomiej Magierowski
The article says that there are 45,000 factories in Guangzhou, Dongguan, and Shenzhen and that 9,000 factories in those three cities alone are expected to close before the Chinese New Year in late January. Small and medium sized companies are being especially hard hit. But large manufacturers are not immune from layoff, according to the news report.
Photo courtesy of iStockphoto, Bartlomiej Magierowski
Permalink: Southern China Losing Jobs
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Rating: 9.25 out of 4 vote(s) cast.
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Response from:
Joel Backaler
(11/03/08 9:15am)
It is interesting to see how China's manufacturers are handling the financial crisis. While a few factories are able to shift production to better selling goods, it seems like many are simply shutting down. Excellent post.
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