Get Ready For China Economic Refugees
According to Los Angeles Times:
Reporting from Shaoxing, China -- First, Tao Shoulong burned his company's financial books. He then sold his private golf club memberships and disposed of his Mercedes S-600 sedan.
And then he was gone.
And just like that, China's biggest textile dye operation -- with four factories, a campus the size of 31 football fields, 4,000 workers and debts of at least $200 million -- was history.
"We're pretty much dead now," said Mao Youming, one of 300 suppliers stiffed last month by Tao's company, Jianglong Group. Lighting a cigarette in a coffee shop here, the 38-year-old spoke calmly about the bleak future of his industrial gas business. Tao owed him $850,000, Mao said, about 60% of his annual revenue. "We cannot pay our workers' salaries. We are about to be bankrupt too."
Government statistics show that 67,000 factories of various sizes were shuttered in China in the first half of the year, said Cao Jianhai, an industrial economics researcher at the Chinese Academy of Social Sciences. By year's end, he said, more than 100,000 plants will have closed.
Read the full shocking article at Los Angeles Times:
- Dear all, this is probably one of the saddest moment in history the world will experience! Most of these workers will be immediately out of their jobs and return to their family without any compensation!
Imagine 100,000 factories to closed down without new jobs for these people! That may means millions will be out of jobs!
Imagine 1 million hungry workers with PHD or Master Degrees to board the next budget airlines to your country...and compete with your jobs and 1/10 of our salary range?
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