China’s Manufacturing Hub Collapses! Foreign Firms Exit, Shops Close, November Streets Stay Deserted
China’s Manufacturing Hub Collapses! Foreign Firms Exit, Shops Close, November Streets Stay Deserted
Udumbara
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Recently, a German-owned company in Dongguan, Cosmo Industries announced a complete halt to production. On October 14, the company informed employees it would suspend operations for about two months due to a severe drop in orders, down by over 40% after October. Employees were told they'd receive full pay for the first month but only 80% of Dongguan's minimum wage thereafter.
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