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Tough scenario forces HK-invested units to close
03
Jul '08
HK SME Development Association (HSDA) stated that current rough international trade atmosphere has affected many Hong Kong-invested plants in China.

Recently, in China gasoline and diesel oil prices went up by 1000 yuan per ton and 1500 yuan per ton, respectively, with an average rise rate of 17 percent. Government's new labour law and environment protection policy, along with a consistent RMB appreciation has proved to be destructive for the manufacturers.

At present there are about 70,000 HK-funded factories in Guangdong Province. However, experts estimate that by the end of 2008 the figure will drop to 50000 units.

On the whole, Hong Kong enterprises contributed a total of about US $280 billion, from 1978 to 2006, in Southern China, accounting for 39 percent of the entire foreign-invested ventures during the period.

Thus, being major investor in the region, this shut-down of almost 20000 plants will be massive blow to both China as well as Hong Kong.

Fibre2fashion News Desk - China

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