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Wave of Bankruptcies Hit Dongguan

Today’s Guangzhou Daily notes that the number of calls related to the closure of factories or complaints about unpaid wages that the newspaper’s hotline in Dongguan has received over the past few weeks has more than doubled. The boss of a well-known toy manufacturer in the city says the main difficulties facing manufacturers are an appreciating yuan and an increase in the cost of both labor costs and raw materials. Chen Yaohua, the president of the Dongguan Textile and Apparel Industry Association says since May demand from European and North America has decreased and financing for small- and medium-sized enterprises has become more difficult.

 Source

Guangzhou Daily

Google translation

 

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