Source: CCTV.com

02-09-2009 08:49

While small and medium enterprises in Shenzhen are struggling against the global economic downturn, some large companies have found a way out of the gloom. Their success has helped maintain a relatively stable employment situation in the city.

While small and medium enterprises in Shenzhen are struggling against the global economic downturn, some large companies  have found a way out of the gloom.

The slowing economy has forced many companies in labor-intensive sectors around China to cut jobs. But that hasn't been the case in Bao'an District in Shenzhen, where one home appliance company is planning to create more jobs.

Home Appliance maker of Shenzhen said "We have hired around 400 employees. And we are planning to recruit more than 300 new workers in mid-February, as we have so many orders.

The home appliance maker says the global financial crunch has shrunk demand in its US and European markets and forced it to close several product lines in December. In response, the company increased investment in research and development of new products.

Home Appliance maker of Shenzhen said "We have developed 90 kinds of new products since the beginning of this year, up 40 percent year on year."

The company has also explored new markets both at home and abroad. Strategy adjustments have attracted more clients. The company has received orders up to July. And profits are expected to increase 200 million yuan on last year. The company's good performance also benefits job seekers.

Local labor authorities say this is not a single case in the region.

Chen Youming, Vice Director of Bao'an Labor Department of Shenzhen said "Currently, backbone industries and companies in our region have remained stable operations. The fundamental aspects of employment in the region have maintained stable."

Local authorities say large companies' operations plus the performance of related companies are closely linked with the employment of 30 percent of migrant workers in the region. They say they will work with these companies to create more job opportunities for migrant workers.

Click for more news in Biz China>>

Editor:Xiong Qu