480 firms close in Guangzhou

GUANGZHOU: More than 480 private firms here closed down in the first 10 months of last year, a survey has said.

Conducted by the Guangzhou united front department of and the municipal federation of industry and commerce, the poll paints a grim picture for local industry.

The 480 firms closed because of the global financial crisis, while 320 other private businesses closed for other reasons, it said.