Firms cutting back China operations

NO END IN SIGHT: A CNFI survey found that 80 percent of respondents said they have been hurt by the COVID-19 pandemic and many are calling for more government aid

Taipei Times
Date: Oct 06, 2020
By: Crystal Hsu / Staff reporter

Workers produce baby carriages at a factory in Handa, China, on April 29.
Photo: AFP

Most Taiwanese firms in China plan to cut back their operations or put off investment, as most believe that the impact of the COVID-19 outbreak would persist for at least six months, a survey released yesterday by the Chinese National Federation of Industries (CNFI, 全國工業總會) found.

The trade group, which represents a majority of local manufacturing firms, sounded the alarm after polling 157 companies in July and August.

“COVID-19 has had a much worse impact on Taiwanese firms than reported in the media, and could batter the economy like a massive tsunami if the government fails to respond quickly,” the federation said.

More than 80 percent of the respondents said they took a hit from the pandemic, mainly in the form of lost orders and disruptions to goods flows.    [FULL  STORY]

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