Home / Knowledge / News / Wenzhou sees massive shut-down among SMEs
Wenzhou sees massive shut-down among SMEs
15
Oct '08
A recent survey conducted by Economic and Trade Commission, shows that among 15,521 small and medium enterprises (SMEs) in 31 Industrial Towns and Development Zones in Wenzhou, 1259 enterprises are partly closed down or are on the verge of shutdown.

This accounts for 8.1 percent of the total enterprises participating in the survey, marking a rise of 2.1 percentage points from the first quarter.

Insiders say that the difference can be actually seen in Wenzhou. Instead of buzzing factories, today one sees just empty ones, locked gates, scattered raw material apparatus in workshops and only few security guards.

President Zhou Dewen of Promotion Association of Small and Medium Enterprises in Wenzhou, stated, "A lot of factories have stopped production. The difficulties this summer are greater than we imagined at the beginning of the year."

Industrial recession is spreading rapidly along the coastline, starting from Wenzhou towards Taizhou, Yiwu, Cixi of Ningbo, Nihai, Shengzhou of Shaoxing and the Light & Textile Industrial City in Keqiao.

The latest statistics show that industrial added value of large scale enterprises in Zhejiang achieved a year-on-year increase of 12.2 percent in the first half of 2008, but the growth rate declined 5.5 percentage points from the same time last year.

In the first 5 months, corporate profits grew 14.1 percent, but down 17.8 percentage points in growth rate as compared to same period last year. Experts say that the economy is facing greater uncertainty and the development trend is grim, even in the second half of this year.

Fibre2fashion News Desk - China

Must ReadView All

Courtesy: H&M

Apparel/Garments | On 30th Mar 2017

H&M group's sales increase 7% in 3 months to Feb '17

The H&M group's sales including VAT amounted to SEK 54,369 million...

Textiles | On 30th Mar 2017

India Inc should work for July 1 GST roll out: Fin sec

The Goods and Services Tax (GST) will take India into a very exciting ...

Textiles | On 30th Mar 2017

Lok Sabha approves 4 supplementary GST legislations

The Lok Sabha has approved four supplementary Goods and Services Tax...

Interviews View All

Smith Vaghasia
Sanado India

Online remains the best destination for shopping

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search