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Even as news of the sudden closure of the Hong Kong-listed Dongguan-based toy manufacturer Smart Union, a key supplier to Mattel and Disney, continue to hog international headlines, framed against the backdrop of the ongoing financial crisis that has spread from the United States to the rest of the world, Xinhua says it has the "whole truth" on those closures, and makes the case that many other toy factories had been closing since the start of the year and the most recent closures have little to do with economic troubles in the U.S.:

While there are reports that in the first seven months of the year, more than 3,600 toy makers already went out of business in China thanks to factors such as rising wages and material costs.

Continue reading "Xinhua has "the whole truth" on toy factory closures"

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By Wee Ling Soh