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Hong Kong textile enterprises to abandon domestic grounds

13
May '08
Chinese Government has issued a new policy according to which from September 2008, all manufacturers in China will have to pay the account caution money in cash. This will be a hurdle for manufacturers who will face a cash flow problem.

Already the producers are going through challenging times because of hiking international oil prices which is presently above US $120, RMB appreciation and sluggish American market. In view of these circumstances, it will be difficult for most of the manufacturers to survive stiff competition.

Experts are estimating, moving out of nearly 15 percent of Hong Kong enterprises from China and closing down of another 20 percent manufacturing firms.

China accommodates some 63,000 Hong Kong enterprises mainly involved in textile and clothes industry. If 20 percent of these, which means 12,600, choose to close down, it is likely to have a big effect on the economy and employment of the country.

As of now, it is hoped that the Government will not issue any other policy to restrain the domestic processing trade at least until 2008 Beijing Olympic Games.

Fibre2fashion News Desk - China


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