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Economy Science And Technology News Stories
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| Award of Excellence | | Financial Tsunami | | Christian Als (Denmark) Berlingske Tidende | |
 | | The Chinese call the financial crisis "a financial tsunami". And with good reason. Especially in Guangdong province in southern China, which are losing the title as the world's factory. It was also this province, which lies on the border with Hong Kong, that were largely the engine behind China's double-digit growth rates. But earlier this year the foreign companies began to close their factories. It is now too expensive to get the goods produced in China. Factories began in great style to move to countries like Vietnam, Indonesia and Thailand, where costs are much lower. New figures from the provincial statistics bureau show that about 50,000 factories will close in Guangdong in 2009. | |
