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BANKRUPTCY IN CHINA….China’s manufacturing decline has accelerated recently due to the global financial meltdown, but apparently China’s provisions for corporate bankruptcy aren’t quite as smooth as one might hope:

First, Tao Shoulong burned his company’s financial books. He then sold his private golf club memberships and disposed of his Mercedes S-600 sedan.

And then he was gone. And just like that, China’s biggest textile dye operation — with four factories, a campus the size of 31 football fields, 4,000 workers and debts of at least $200 million — was history.

….In recent weeks, there have been many fires, increasingly large-scale. In Zhejiang province, south of Shanghai, Ye [Hang] counted at least six major bankruptcies, including Jianglong; Feiyue Group, China’s biggest sewing machine maker; and Zhejiang Yixin Pharmaceutical Co., among the largest in that industry.

“Of these six, one [owner] committed suicide, one was detained by police, and the remaining four all escaped,” he said. “I can imagine that in the future, there would be more such cases as a result of the chain reaction.”

I don’t especially want anyone committing suicide, but I confess that the thought of Wall Street executives in failed banks either being detained by the police or going to ground and hiding in terror holds a certain appeal. Is there any chance that the U.S. could import the Chinese method temporarily just for the financial industry?

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is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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