No payroll cut despite business

Zhejiang Province was one of China's major manufacturing centers in the second half of 2008 and was hit hard by the financial crisis. More than 1,200 companies shut down and 300 business owners fled without undergoing bankruptcy procedures.
They left behind them thousands of unpaid employees and huge amounts of debt, according to the provincial bureau of industry and commerce.
Shen said it was irresponsible for businessmen to cut payroll whenever their businesses were in trouble.

prevent the automaker's imminent financial

The loans serve as major lifelines to two of Detroit's Big Three automakers, both on the brink of failure, and for a U.S. industry that has lost more than 100 billion U.S. dollars since 2004, trimmed tens of thousands of jobs and closed numerous plants. In exchange, GM and Chrysler must execute drastic restructuring plans or face bankruptcy.
GM had faced the possibility of collapse as early as the first week of this month, when large supplier bills will come due, while Chrysler warned it could have collapsed early this year.