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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Global crisis hits over 1,300 south China firms: report AFP - Tuesday, November 11 BEIJING (AFP) - - More than 1,300 companies shut down, suspended operations or moved out of south China's Pearl River Delta in the first nine months of the year due to the global downturn, state press said Tuesday. The number is from the cities of Shenzhen and Dongguan only and the overall figure for all of Guangdong province, just north of Hong Kong, could be much larger, the China Daily said. About 30 percent of overseas-invested firms in the delta region are losing money, the report said, citing Wu Jun, a senior official with the province's foreign trade department. Half of them just manage to break even and only 20 percent post a profit, he said. Exports from the province rose by 13.5 percent in the first nine months, down from 24.2 percent in the same period last year, customs data showed. The weakening exports has impacted the desire of foreign companies to invest in Guangdong, and the local governments are now introducing new incentives to encourage investment, Wu said. "The authorities not only provide support to the affected firms but also give them money to persuade them to stay in the city," he said, according to the China Daily. For example, the Dongguan government has allocated four billion yuan (590 million dollars) to help more than 15,000 overseas-invested firms in the city cope with the crisis, it said. The global financial woes have had a palpable impact on China's economy as a whole, with the trade surplus declining by 2.6 percent in the first nine months from a year earlier. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy RPT-TOPWRAP 2-Signs of China slowdown stoke deep recession fearsReuters - 1 hour 10 minutes ago Financial crisis closes in on GMAFP - 1 hour 41 minutes ago Global crisis hits over 1,300 south China firms: reportAFP - Tuesday, November 11 Macau's chief executive expected to bid to boost economyAFP - Tuesday, November 11 Related Articles: Business India's Cadila Health buys Dutch Crucell unitReuters - 56 minutes ago DEALTALK-Incitec's capital raising sparks acquisition talkReuters - 57 minutes ago Seoul shares drop as export worries hit tech firmsReuters - 1 hour 3 minutes ago Asciano sees no more than 15% variation in op profitReuters - 1 hour 3 minutes ago Russia rouble slumps vs basket in early tradeReuters - 1 hour 6 minutes ago Enlarge Photo Global crisis hits over 1,300 south China firms: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed In Obama's victory, Americans see legacy of Lincoln G20 pledges 'all necessary steps' to restore stability AIDS vaccines: New hope for problem-plagued path Documents expose Prince William RAF training row: report MP3 earphones can hamper defibrillators, pacemakers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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