The manufacturing industry in China is facing an economic slowdown, falling orders and rising labour costs. Across the country, small and medium-sized manufacturers have shut down, while the larger ones are somehow struggling to stay afloat.
Across China, factory activities have dropped to a 40-month low in December. Factory owners in Dongguan, the heart of the once-noted global manufacturing zone, have yet another thing to worry: finding enough workers to produce the world’s clothing. Exports are not good and the domestic market is as bad. The price of shipping containers for export has fallen by half, and now freight companies as well as factories are worried about going bust.
Zhejiang province in China produces more than a third of the world’s socks. For years, small factories have advanced products for their customers and collected payment later. But now the scenario has completely changed
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