Guangdong loses thousands of footwear firms
01/07/2008
In the first five months of this year, 2,331 footwear manufacturing companies closed in China’s Guangdong province, the world’s largest footwear production centre, because of rising wages and gains by the renminbi that ate into export profits, the customs bureau said on June 30.
Overall, China’s manufacturing expanded in June at the slowest pace for almost three years as growth in export orders weakened for the third consecutive month, a survey of purchasing managers has shown.
China's growth will drop below 10% this year for the first time since 2002, the World Bank has forecast.
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