| I'm glad that these bloodsucking gold diggers of factory owners need to shut down their operations. But it's a sad story for all those poor migrant workers who will lose their job. Factory shutdowns already rose at the end of 07 in the face of the new labour contract law, and will soon be exacerbated by the USD-RMB exchange rate. Creating new jobs will be a challenge, but don't forget that net exports still account for only about 10% of China's GDP. Let's hope the domestic market and government intervention will heal some of the wounds. |
1 USD = 6.9966 RMB