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Saturday, 1 November 2008
South China Firms ‘in Dire Need of Help’
Manufacturers in southern China are in dire need of help, an economist and Hong Kong’s trade representative in Guangdong warned, days after another big factory closed, throwing more than 3,000 people of out work.
Manufacturers in southern China are in dire need of help, an economist and Hong Kong’s trade representative in Guangdong warned, days after another big factory closed, throwing more than 3,000 people of out work.
“We have no time ... Hong Kong factories on the verge of closure are waiting for help,” Peter Leung Pak-yan, director of the Hong Kong Economic and Trade Office in Guangdong, told the Southern Metropolis Daily newspaper.
Economist Ju Jinwen, of the Chinese Academy of Social Sciences, said only bold measures could save the manufacturing industry.
Both said the government should cut taxes, loosen regulations and offer financial support to firms.
Yesterday, more than 3,000 unemployed workers from Xiamen Star Industries in Xiamen, Fujian province, rallied for back pay and compensation for a sixth day.
The company, which shut down at the weekend, was the biggest handicrafts manufacturer and exporter in Xiamen.
Mr. Leung said Hong Kong-owned manufacturers faced a “critical moment” amid the economic upheaval. He said 20 chambers of commerce would appeal to the Ministry of Commerce for big policy changes.
He hopes authorities will cut company taxes, guarantee bank deposits and freeze minimum wages.
Mr. Ju said only bold tax cuts and the broadening of financial channels could save the industry. “The government acts slowly. Freeing them quickly from rising taxes and wages, increased regulation and tighter credits is the way to save the industry.”
The Federation of Hong Kong Industries has warned that a quarter of the 70,000 Hong Kong-owned firms in southern China, which employ 10 million people, may go bust by February.
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South China Firms ‘in Dire Need of Help’
Fiona Tam
1 November 2008
Manufacturers in southern China are in dire need of help, an economist and Hong Kong’s trade representative in Guangdong warned, days after another big factory closed, throwing more than 3,000 people of out work.
“We have no time ... Hong Kong factories on the verge of closure are waiting for help,” Peter Leung Pak-yan, director of the Hong Kong Economic and Trade Office in Guangdong, told the Southern Metropolis Daily newspaper.
Economist Ju Jinwen, of the Chinese Academy of Social Sciences, said only bold measures could save the manufacturing industry.
Both said the government should cut taxes, loosen regulations and offer financial support to firms.
Yesterday, more than 3,000 unemployed workers from Xiamen Star Industries in Xiamen, Fujian province, rallied for back pay and compensation for a sixth day.
The company, which shut down at the weekend, was the biggest handicrafts manufacturer and exporter in Xiamen.
Mr. Leung said Hong Kong-owned manufacturers faced a “critical moment” amid the economic upheaval. He said 20 chambers of commerce would appeal to the Ministry of Commerce for big policy changes.
He hopes authorities will cut company taxes, guarantee bank deposits and freeze minimum wages.
Mr. Ju said only bold tax cuts and the broadening of financial channels could save the industry. “The government acts slowly. Freeing them quickly from rising taxes and wages, increased regulation and tighter credits is the way to save the industry.”
The Federation of Hong Kong Industries has warned that a quarter of the 70,000 Hong Kong-owned firms in southern China, which employ 10 million people, may go bust by February.
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