BEIJING, 25. JANUARY, 2009 :   Mr. Li's  relatives sing karaoke in the basement of his apartment on new years' eve  in Beijing .<br />
Mr. Li, a paper factory owner, is facing one of his most difficult times .&quot; Last November the market suddenly went down ,&quot; Li says.   <br />
He had bought paper, a lot of paper, and paid 7000 Yuan/ t .<br />
 Li's company buys paper from paper mills and lives from the sales to publishing houses and other companies.  Since the market's collapse , he manages to sell the paper only for 6000 Yuan/t.<br />
His clients' export business to the USA had shrunk in Southern China. Mobile phone manufacturers don't need paper for the instruction guides to their mobile phones anymore as their US clients buys less China- made mobile phones.<br />
 Toy manufacturers don't need paper anymore  because Americans import less toys from China. &quot; The crisis has driven many of my clients into bancruptsy&quot;, says Li.<br />
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China's Communist Party  which will celebrate its 60th anniversary in October, currently faces its biggest challenge since the beginning of the economic reforms 30 years ago  : &quot; The phase of  rapid economic growth is over. For the first time the government is threatened with a  mistrust of a wide section of the population&quot;, warns the Communist party's Shang Dewen in Beijing.   <br />
Not only the China's poorest worry about the furture, but as well China's middle class is concerned about the crisis.     1,5 Millionen university graduates didn't find a job until the end of 2008  and this summer there'll be an additional  6,1 Million new graduates. More than 12 percent of university graduates face unemployment in 2009.