Foreign firm registrations shrink 41% in 1st quarter
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Foreign firm registrations shrink 41% in 1st quarter
Author:   Article source: Shenzhen daily  Hits:1026  Add time:2009-5-28  
CHINA recorded a 40.6 percent drop in new foreign company business registrations in the first quarter and more mergers among domestic enterprises as the global financial crisis trimmed investment.

    Total investment and combined registration capital from new foreign companies plunged 45.9 percent and 48.5 percent in the quarter from a year earlier, the State Administration for Industry and Commerce said in a report released Tuesday.

    “The outbreak of the global financial crisis has led to serious asset devaluation of some multinational companies, thus difficulty in their China operation,” the agency said in the report posted on its Web site. “Some ongoing foreign-invested projects were suspended or cancelled, export-oriented companies saw falling orders and some are slashing jobs heavily at their research and development centers in China.

    The number of Chinese State-owned and collectively owned companies fell by 4.8 percent and 3.4 percent as of March 31 from the end of 2008, the administration said in the report. The decline was caused by “the accelerated restructuring and asset consolidation by domestic companies due to the financial crisis and more cases of medium-sized and small companies’ being merged,” the agency said.

    China recorded a 27.8 percent increase in new self-employed business entities in the first quarter from a year earlier as migrant workers lost jobs in coastal regions and returned home to start their own businesses, according to the report.

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