☨St Louis IX opposed paganism, hæresy \x26 debauchery
China Observer
comments
Comments by "☨St Louis IX opposed paganism, hæresy \x26 debauchery" (@stlouisix3) on "Hong Kong Businesses Flee China as Decades-Old Factories Collapse, Signaling the End of an Era" video.
Thanks for publishing this video on the current state of the Hong Kong and Southern Chinese Textile Industry, and its history.
Summary with timestamps:
💔 The closure of Dongguan Minghai Finishing & Dyeing Factory and Dongguan Gogo Garment Manufacturing signifies the decline of China's garment processing industry and the end of an era for Hong Kong investment in mainland China.
00:04
Dongguan Minghai Finishing & Dyeing Factory, a 30-year-old Hong Kong textile giant, announced the cessation of business operations due to financial difficulties.
00:04
The closure of such a powerful factory has sent shockwaves through the industry and signals the end of an era in China's garment processing industry.
01:00
The decline of large Hong Kong-funded factories in mainland China also reflects the decline of China's foreign trade industry.
01:37
The closure of Dongguan Gogo Garment Manufacturing, a major lingerie factory, resulted in over 1,700 unemployed workers.
02:11
Dongguan Gogo Garment Manufacturing was a key player in the international high-end lingerie market and had a solid reputation locally.
02:51
💼 The collapse of traditional manufacturing companies in China, accelerated by the China-US trade war and the impact of the pandemic, has led to widespread shutdowns and financial difficulties for employees.
03:31
Employees praised the well-run factory with good benefits and compensation.
03:31
The factory struggled to resolve issues regarding severance payments and legal rights for employees after its collapse.
03:49
Labor-intensive companies have shifted to Southeast Asia or Central America due to lower labor costs.
04:27
The disappearance of China's demographic dividend and the China-US trade war have accelerated the exodus of traditional manufacturing factories from China.
05:01
The pandemic and the Chinese government's zero-Covid policy have further impacted labor-intensive businesses.
05:21
💔 Numerous veteran Hong Kong enterprises in Dongguan and Shenzhen, China, have announced closures and bankruptcies due to lack of orders and overwhelming debt.
06:36
Several veteran Hong Kong enterprises, including toy factory Dongguan Jingli Plastic Electronics and clothing manufacturer Dongguan Kaiwei Knitting Clothing Manufacturing, announced closures.
06:36
ALCO Electronics (Dongguan) Limited, a factory with over 20,000 employees at its peak, declared bankruptcy.
07:37
In the first half of 2022, over 3,000 factories in Dongguan went bankrupt.
07:53
Hong Kong-invested plastics factory Fu Huade Plastic Products in Shenzhen also closed after 17 years of operation.
08:09
The reform and opening-up policy in China attracted Hong Kong's manufacturing industry due to low labor costs.
09:06
📦 Hong Kong-funded enterprises played a crucial role in the development and prosperity of China's export trade in the Pearl River Delta.
09:41
Shenzhen, Zhuhai, and Shantou became the first batch of Special Economic Zones in 1979, attracting Hong Kong businesses.
09:41
Hong Kong-funded enterprises in the Pearl River Delta had a diversified industrial structure, including electronics, traditional industries, and supporting industries.
10:21
Hong Kong has been the largest source of direct investment in the mainland, with cumulative investment of USD 1.43 trillion by the end of 2021.
11:15
Investment by Hong Kong-funded enterprises in the Pearl River Delta slowed down after 2001 due to labor shortage and rising wages.
12:08
The global financial crisis in 2008 and China's economic policy adjustments impacted Hong Kong-funded enterprises heavily.
12:25
📉 The decline of Hong Kong-funded manufacturing enterprises in the Pearl River Delta and the impact of the U.S.-China trade war.
12:58
Many Hong Kong enterprises shifted operations to Southeast Asia, leading to a decline in manufacturing in the Pearl River Delta.
12:58
In 2007, Hong Kong-funded enterprises accounted for 72% of foreign enterprises in the Pearl River Delta.
13:16
Hong Kong-funded manufacturing enterprises rapidly declined after 2007, with many relocating to other cities in Guangdong province or Southeast Asian countries.
13:32
Rising labor costs, high taxes, and corruption were major challenges for Hong Kong-funded enterprises in the Pearl River Delta.
15:01
The U.S.-China trade war dealt a fatal blow to predominantly export-oriented Hong Kong enterprises, particularly in the textile and clothing industry.
15:36
💔 The Chinese clothing industry has faced significant challenges due to tariffs, the pandemic, and the restructuring of global supply chains, leading to widespread closures and a decline in the Chinese economy.
16:24
A 25% tariff on finished clothing imported from China caused renowned clothing brands to cancel orders and turn to Southeast Asian countries.
16:24
The pandemic and strict zero-COVID policy resulted in substantial losses for clothing processing factories.
16:40
China's foreign trade processing enterprises experienced an unprecedented order drought due to global supply chain restructuring and the withdrawal of foreign enterprises.
17:16
Widespread closures and relocations of factories led to the decline of Hong Kong-funded enterprises in China.
17:32
The decline of traditional Hong Kong-funded enterprises symbolizes the declining state of the Chinese economy.
17:49
37
1
1
1
1
1