If our eyes and ears are any indication, the global downturn is also affecting China.

From the always humorous Access Asia newsletter come five recession anecdotes heard in the past week:

1) The overstuffed China conferences sector is taking a hit as, despite reduced prices, 'early bird' discounts and two for ones, getting people to shell out for conferences is getting harder;
2) Among the retailers, footwear stores seem to be taking the hardest hit as people decide to make that pair of shoes last a bit longer than they did last year, or simply go barefoot;
3) Record number of bars offering free food if you keep drinking - promotions offering us basically a free dinner of nibbles if we keep buying the high margin booze are omnipresent now;
4) Freelance journalists are finding work harder to come by and word rates are cut as magazines lose advertising and subsequently cut back their word counts on editorial;
5) Fakes are back in abundance on China's streets as struggling factories turn to piracy to keep the machines running as the orders fall away.

Access Asia also suggests that bankrupt factory owners avoid high priced lawyers and follow this simple advice:

1) Switch off the lights;
2) Lock factory gates behind you;
3) Run;
4) Eeerrr, keep on running.