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U.S. markets recover from steep losses
BEIJING, Nov. 14 (UPI) -- A declining export market contributed to the closing of 67,000 factories in China from January through June, government data revealed.
While exports are still growing, the annual growth rate of 9 percent in October contrasts sharply with the September 2007 annual growth rate of 26 percent, The New York Times reported Friday.
Closing factories have left thousands of Chinese workers angry over the loss of back pay, leading to some clashes with police, the Times said.
Others are wondering where to turn to find jobs. The Pearl River Delta, an area known as the "world's factory" once served as the backbone of China's massive export business. Now many workers are returning to their homes in country villages, the Times said.
"I plan to return home," said Wang Denggui, a father of three who worked at a shoe factory that closed Nov. 1. "I'm over 50 years old, and I won't be able to find work. I'll just retire."
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