China’s hope for a quick rebound from COVID-19 is now put on hold as the global pandemic is taking another toll on its export-oriented manufacturers. The cancellation of orders from buyers in the West has forced many of their assembly lines to remain shut unless some manage to shift to the making of coveted medical supplies such as surgical masks. That, analysts say, may lead to more layoffs in the near future and fewer job opportunities for a record number of nearly 9 million university graduates entering the Chinese job markets this summer. Only masks sell Eric Lin is in the trade of commodities including souvenirs, gifts and toys in Yiwu, Zhejiang province – the world’s largest petty commodity wholesale market. He said that many of the city’s export-oriented wholesalers have gone bankrupt after having no income in the past three months. Foreign buyers are now placing orders for nothing but surgical masks. “[Many businesses] have closed down,” he said. “It’s a disaster. Everyone asks: where can I find orders? These days, we’re mostly busy with sourcing masks. “Many are talking about making masks. Some have set up one assembly line while others say they have five. It’s no joke… Read full this story
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