It had record sales last year and was widely considered to be one of the best companies in its field. But now Smart Union, a Chinese toy maker, is being dismembered through a provisional liquidation. Its story encapsulates the arc of China's economic success and recent downturn. The firm grew consistently for 12 years. Its orders, factories and employees steadily increased in number, and a web of suppliers grew up around it. But in October, at the peak of the pre-holiday production cycle, the entire process went into reverse, leading to the direct loss of 12,000 jobs, and the indirect loss of many more.
Source: The Economist
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