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Chinese in Europe hit by EU debt crisis

11-30-2011 14:10 BJT

The worsening European debt crisis is not only affecting the economies of the eurozone but also having an impact on the everyday lives of residents. Chinese doing business in Europe are also feeling the pinch. Some have had to sell their shops or restaurants, others have switched to doing imports and exports instead.

Anhui Yellow Mountain county has a "euro village". Close to 60 young farmers run their own businesses in Europe. They bring back profits of tens of thousands of euro every year. The current debt crisis and appreciation of the Chinese currency is heavily affecting their profits.

Zhu Liangjing opened his first restaurant in Spain 10 years ago. Before the debt crisis, they could make over 300 thousand euro per year, now they can only make one third of the profit.

Zhu Liangjing said: "These days three restaurants have the same amount of customers as one did before. Labor costs have gone up but less people are visiting, therefore profits are down too. "

Not only are business profits down, property value has also decreased dramatically.

Overseas Chinese Huang Falu said: "Property prices have dropped around 50 percent. It’s only been two years, and prices are going down so fast. Houses worth over 300 thousand euro two years ago are now only worth half that amount."

To survive the economic downturn, many Chinese restaurants owners have sold their business and started doing international trade.

Hu Keshu was the first one to relocate to Europe from the "euro village" in 1979. He opened his first restaurant in 1985. Now he is importing shoes from China and selling them all over Europe.

Hu Keshu said: "Our profits have gone down mainly because the euro has depreciated around 20 percent. We are selling at very good prices. We make one euro per pair of shoes sometimes, sometimes three."

He is selling shoes to over 50 countries including many European countries and even some countries in Africa. He explains that his business is still doing fine because shoes are necessities. The economic crisis is making people gear towards lowered priced merchandise.

 

Editor:Zhang Rui |Source: CNTV.CN

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