In the PBS documentary of foreign entrepreneurs in China we discover (when the US financial crises hit the world causing more than $64US trillion in global loses while those who caused the crises walked away with fortunes) China experienced a slowdown in economic growth in 2008.
One foreign entrepreneur, Ed Hung, talks of the clothing store he co-founded, NLGX Design, which opened in Beijing in 2008. He said rent was still increasing.
Ed Hung was born and raised in San Francisco. His business partner, Michel Sutyadi, was born and raised in Germany. They met in Beijing while studying Mandarin in 2005.
Ed Hung says modern Beijing is becoming a consumer culture.
Then Doug Ma, a co-founder of Go Tour-ING, talks of how the global financial crisis (which was started in America) has affected business.
In the spring of 2008, Dough Ma left his job at an investment bank to travel. He wrote a post for Jet Set Zero in July 2009, and said, “It has been quite a challenge starting up Tour-ING. For one thing, it has been a tough year for the tourism industry. Less people are traveling due to the global economy and the outbreak of swine flu has hindered a lot of travel plans.”
Brian Sloan, CEO of Robotic Blow Job, says the toys he manufactures and sells seem more popular in hard economic times since people spend less money going out and stay home more so they need a method of self-entertainment.
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