China is being washed away by a wave of SMEs closure which has been brought about by multiple factors including, labor contract laws, RMB appreciation, snowstorm, earthquake and soaring prices of crude oil.
According to the estimates of market watchers, nearly 50 percent of the weaving factories in Shanghai have shut down and the proportion in southeast coast is probably even greater. As a consequence, China is likely to lose at least 20 percent of the orders from EU and US to Taiwan.
Unless the problem of price rise in raw material and sub-prime credit crisis in US are resolved, China would find it extremely difficult to cope up with this ongoing situation.
Fibre2fashion News Desk - China
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.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "UBM China (Shanghai)")
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