Monday, October 20, 2008

How Hard China will be Hit by Global Economic Slowdown?

This piece of news came as a huge surprise to me.
This morning's 3Q GDP release was pretty bad, but nothing compares to this:

Xinhua news agency says nearly 80 percent of toy factories in Guangdong province have closed, along with almost half the shoe factories. According to one state-run newspaper, 37 percent of Dongguan businesses are losing money.

link to full text