Chinese Manufacturers Collapsing..AGAIN

Huang Maochang, the owner of Fu Xiang Da Plastic Manufacturing, said he could only spare 10 minutes to talk.
He employs 30 people making plastic containers and wrapping for domestic use and export to the US, UK and Saudi Arabia.
A warm and friendly man, he started his Shenzhen business in 2003. In fact, it soon became apparent he had little else to do.
"The financial crisis is really hurting my business, my customers are paying later and later," he says.
"I managed to keep going to the end of last month, but now I have no orders, so we've shutdown for three days."
As we spoke, some of his workers sat around idly talking and smoking, while others moved sacks of plastic chippings from one pile to another.
Who does he blame for this situation?
"The problems started in America and now they've spread all over the world," he says.
"The exchange rate between the yuan and the dollar has really hurt me."
Job loss millions

Ghost factory sign of China slump

Mr Huang's factory is typical of thousands in this city. Shenzhen, a city of about 12 million, and the region of Guangdong in which it is situated are the backbone of China's manufacturing base.
In fact, it was the first and the most successful of the special economic zones established by leader Deng Xiaoping 30 years ago.
Now all of that is changing. Factories are closing by the thousand and workers are losing their jobs by the million.
An hour later, Mr Huang was still talking and becoming emotional.
"My home and my mother's home are both collateral with the bank against the business," he says.
"I've devoted my whole life to it. If I can't survive this recession, I'll lose everything - everything will be gone."
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YIWU, China -- Li Jiang was hungry. Huddled in the freezing rain with more than 1,000 other people at 6 a.m., he stood patiently in line hoping he had come early enough to get some of the free rice porridge steaming in giant cauldrons nearby.

It was an unfamiliar feeling for Li. For the past 11 years, he had been making a comfortable living on a steady stream of construction and factory jobs that afforded him fancy cellphones and other modern luxuries. But he was laid off two months ago, and it has been impossible to find work since.
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