Tech exporters turn to R&D as business weakens
Even though China is focusing more on innovation and technology to drive its economy and foreign trade, a growing number of high-technology enterprises have seen exports fall.
Lower overseas demand, increased labor costs and tough competition are to blame, said Yu Xiaofei, a business manager of Dongsheng Motor Group. "We did many things to cope with the situation, such as investing more on research to develop new products," he said.
The Shenzhen-based company, which designs, makes and sells mechanical and electrical products, said business contracted more than 10 percent year-on-year in the first three quarters.
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