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Posted by Traveling Salesman at 12/21/2012 11:14 AM
A week or so ago I read an article in my local paper with the headline “In China too, there are places where factories are now closing”. The article came from Jia Lynn Yang who writes for the Washington Post. The article said that Dongguan, China was once a manufacturing boomtown but is now being squeezed by countries with lower labor rates such as Laos and Vietnam. Conversely, China’s manufacturing sector is struggling to move to higher end products because of competition from nations such as Germany and the United States. Before 2009, the city was one of the fastest growing in China but then the U.S. recession hit which sent demand for Chinese goods plummeting. Then, before the city could fully recover, Europe’s debt problem delivered another punch. As the article states, “China has relied on two pillars of economic growth for the past several years; exports and construction…)
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