Zhejiang may cushion China from recession

Winter is usually not the best of seasons at West Lake, the most attractive scenic spot in Hangzhou, Zhejiang province. West Lake attracts about 2 million travelers from all over the world each year and supports dozens of people like Gu Liyang, a middle-aged boatman hailing from rural Hangzhou.

But ever since the global financial crisis took hold from late last year, fewer and fewer foreigners have been using Gu's small pleasure boat for a ride across West Lake.

"Travelers from the US and Europe have decreased," he said. "These days, there are no travelers even from South Korea," he said. One reason for that is the depreciating South Korean won which has made traveling abroad that much more costly for its citizens.