Before the foundation of New China in 1949, due to very scarce capital, China’s industry had very little to start with and industrial products were very few; most finished industrial products were imported at that time.
Since New China set up in 1949, China’s industrial foundation has been strengthened and its production level rose rapidly resulted from the large scale of construction carried out by Chinese government. The existing industries such as metallurgical, mining and energy industries, airplane and automobile industries developed very fast; besides, various new industries, including petrochemicals, computers, telecommunication equipment, instruments and meters, and aeronautics have been built up from nothing.
As China reformed in 1978 and opened to the outside world, its industry entered into a stage of great innovation and fierce competition. And a large number of Sino-foreign joint and wholly foreign-owned enterprises established in China, bringing more capital, advanced equipment, modernized management and high technology. This speeded up china’s industrialization .From 1978 to 1999, China’s industry had made great achievement, and the comprehensive industry was remarkably reinforced. By 1999, industrial added value has reached 3,535.7 billion Yuan, an increase of 10.2 times over 1978. According to the National Bureau of Statistics, by the end of 2007, it increased to 10.7367 trillion Yuan, with an increasing rate of 13.5%. China’s industry has made rapid progress and its production level of industrial products has increased by a big margin.
China Hotel Industry- The rapid growth of the tourism industry led to increasingly prosperity of hotel subsidiary industries, By the end of 2005, Chinas star-level hotels totaled to 12930, increasing 2042 with a year-on-year rate of 18.75%, hotel rooms reached 1.37 million, increasing 132.1 thousand with 10.67%, beds amounted to 2.55 million, increasing 183.4 thousand with 7.75%. Considering the current investment enthusiasm in hotel industry, the estimated amount of star-level hotels will reach 13500 by the end of 2006.
At present, in accordance with the principles of the modern enterprise system, strategic reorganization has been carried out in large and medium-sized enterprises to transform them into standard companies. Through acquisition and merger during reorganization of enterprises, many enterprise groups have been set up such as the China Petroleum and Natural Gas Group, Shanghai Baoshan Iron and Steel Group, and some household appliance industrial groups, for instance, Changhong, Haier, Konka, Kelon and TCL. The Legend and Founder of Beijing University groups are prominent in the micro-computer industry. These groups take part not only in domestic but also international competition.