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Guangdong businesses lower expectations for 2009

By Hu Yuanyuan (chinadaily.com.cn)
Updated: 2009-02-02 17:43

Guangdong private businesses, most exposed to the export slump, are having a lower expectation in most of the economic indicators than those in other regions in China, a report from accounting firm Grant Thornton said today.

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The report, which surveyed senior executives of more than 7,200 privately-owned businesses in 36 regions, showed that 13 percent of Guangdong businesses have negative expectations on selling prices, 12 percent negative on exports and 32 percent negative on profitability. Five percent of them expect turnover to rise in 2009. Seven percent and 15 percent of respondents expect investment in new building and investment in new plant and machinery respectively to rise in 2009.

"Exposed to both the weakening Chinese market and the recession in global importing countries, Guangdong, as one of the world's major manufacturers and exporters, is inevitably depressed about its expectation on exports," said Desmond Yuen, Managing Partner at Grant Thornton China.

In contrast, 31 percent of respondents in Beijing and 41 percent in Shanghai said they expect their turnover to rise significantly in 2009.

In addition to an expressed willingness to increase the investment in plant and machinery, Beijing and Shanghai respondents also have positive expectations on selling prices, exports and profitability.