Dongguan's mayor insists 'world's factory' will hit its 8 percent growth target
By Xu Jingxi In Guangzhou | China Daily | Updated: 2016-01-29 07:55
The mayor of Dongguan, Yuan Baocheng, has denied rumors of large-scale factory closures in the Guangdong province city, insisting it will hit its annual gross domestic target of 8 to 8.5 percent this year.
The Pearl River Delta manufacturing hub built its name as "the world's factory" on the labor-intensive processing trade and attracting huge overseas investment .
Reports have suggested, however, that at least 4,000 factories in the city went out of business or moved to other cities or countries with lower labor costs in 2015.
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