Many Chinese toy companies are feeling the pinch of RMB appreciation and hikes in production costs and are now struggling with hardship to generate profits, the China Business News reported Wednesday.
Gu Wu, general manager of Shenzhen HuaKun Industrial Development Co., LTD told the China Business News that they are now losing money due to the aforementioned motives. Gu said production prices rose by 10 to 15 percent as a worker's monthly salary rose to 4,000 yuan ($608) due to labor shortage in Shenzhen after the Spring Festival holiday.
Cai Qisheng, general manager of Dongguan Yinhui Toy Co., LTD said that some surrounding toy companies are scaling down production and are looking to create new products as a way of shaking off the gloomy period.
Gu Wu, general manager of Shenzhen HuaKun Industrial Development Co., LTD told the China Business News that they are now losing money due to the aforementioned motives. Gu said production prices rose by 10 to 15 percent as a worker's monthly salary rose to 4,000 yuan ($608) due to labor shortage in Shenzhen after the Spring Festival holiday.
Cai Qisheng, general manager of Dongguan Yinhui Toy Co., LTD said that some surrounding toy companies are scaling down production and are looking to create new products as a way of shaking off the gloomy period.
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