- CNTV English - CCTV News

Homepage > News > Biz >

Over 200 enterprises remain closed in Nov. in E China province

12-29-2011 17:10 BJT

HANGZHOU, Dec. 29 (Xinhua) -- More than 200 enterprises remained closed last month in east China's economically vibrant Zhejiang province, a local official said Thursday.

However, Huang Yaping, deputy head of the provincial human resources and social welfare bureau, said only 3.66 percent of the enterprises the provincial government monitors were affected while the vast majority remained healthy.

Among the closures in November, 83.66 percent were small and micro- enterprises, Huang said, adding that another 42 key enterprises laid off employees.

China's small private enterprises are operating at a tough time when demands from overseas markets are shrinking, material and labor costs at home are rising, and banks have been ordered to tighten credit to rein in inflation.

Zhejiang is considered a parameter of the health of China's small- and medium-sized enterprises as sharp-witted Zhejiang businesspeople largely drove the boom of the country's private sector after the government unleashed market economic reforms over three decades ago.

But in recent months, scores of businesspeople in Zhejiang, particularly the city of Wenzhou, fled or committed suicide over debt solvency when banks rolled back credit from the binge created to stimulate the economy during the 2008-2009 global financial crisis.

The government intervened by slashing taxes, offering tax breaks, and ordering banks to continue lending in order to save qualified enterprises from floundering.

Huang said small and medium-sized enterprises in general are still facing difficulties but overall business operations remained stable and massive lay-offs were prevented.

The government recorded 3,432 lay-offs in Zhejiang's key enterprises in November, Huang said, adding that the lay-off rate was about the same as it was a year ago.

Editor:Zhang Hao |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program