As the nation’s business leaders face an economic crisis, the country’s most popular family business may be heading to the chopping block.
Chinese media reported Wednesday that Tianjin Yueyue Co. has filed for bankruptcy.
The conglomerate, which is known for producing products for the popular Chinese herbal medicine “Sichuan” is owned by a Chinese businessman named Li Zhengyang.
Li’s family name is the same as Sichuang, a popular herbal medicine popular in China.
Li has also said that his business is in dire straits, and that he was not expecting his business to make a profit.
“The only thing I can say is that I’m really afraid,” Li said on state broadcaster CCTV.
“I really hope that the government doesn’t let my business die.”
Li is not the only family member who has faced financial woes.
Last month, an estimated 1.7 million people, or about half the population, were reported to have lost their jobs in the country, according to a Bloomberg report.
China’s economic downturn has led to a shortage of cheap food and other necessities, leading to increased pressure on people to find work.
According to the report, about one in four people in China are unemployed and a large percentage of those are women, who have also been at the forefront of the countrys economic woes.
A recent study found that women make up about 60 percent of the workforce, compared to 40 percent of men, according to the Economic Times.