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China tries to revive economy despite daunting challenges |
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13:52, November 09, 2008 |
Although China doesn't celebrate Christmas, Lou Qijun is one of the many Chinese toy and gift manufacturers who anticipates a visit from Santa Claus every year in the form of seasonal orders from the Europe and North America.
Not so this year, says Lou, chairman of Yiwu Qiling Toys Co. Ltd., a leading toy producer in east China's Yiwu City, Zhejiang Province, after returning from the Canton Fair, the country's biggest trade show which concluded on Thursday.
Lou's Christmas orders from Europe and the United States down by more than a third. The financial crisis has forced Western families to tighten their purse-strings this Christmas.
Lou says their busy season in Yiwu, a major production base, usually runs from June to October, as big foreign toy companies generally place their Christmas orders months in advance. "It is apity we have not seen a rush of orders so far this year."
Lou and his peers have also been disturbed by cancelled orders. Lou's plant had about 8 percent of Christmas tree orders cancelled because many small outlets in Europe and the United States had pulled back orders from intermediary purchasers who signed agreements with Lou.
Lou is simply one of many toy makers who has fallen victim to deepening global economic downturn that has gripped the West. Many foreign buyers became extremely cautious this year, either cutting purchases or putting short-term orders, according to a survey by the Ministry of Commerce (MOC).
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