China's economy has been flying high thanks to consumers in the United States and Europe, but with sales slumping here, manufacturers in China are hurting.
CBS News correspondent Celia Hatton reports, one of the southern China city in ten months, 450 companies have been forced to close.
Xie Jun is the owner of the factory chain smoked his way through the worst year ever business he saw.
U.S. slowdown has hit the small manufacturer more 6400 miles away in Dongguan, China. Xie Jun factory used to roll out $ 1 worth of iPad covers and accessories mobile phone every year, but not anymore. Command of Xie's most important customers-AS-is down 70 percent.
If the next two months is not good, workers will have to go, he said.