An industry alliance consisting of wholesalers, retailers, restaurateurs and other service providers in Hong Kong has signed an agreement on not reducing staff during the global financial crisis.

Over one thousand enterprises, including Sasa Cosmetics, Broadway Electrical Appliance, and Steak Expert, have signed the agreement, which is expected to help keep over 50,000 jobs.

Fang Gang, initiator of the alliance, says that most of the signatory companies are small and medium enterprises. Fang hopes that local big enterprises can also help each other to keep their employees in work despite the financial climate.

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