5. Mass Adjustment and Revolution (After 90s)

The establishment of market economic system in China brought in huge and essential impact to all industries including fastener industry. The rapid growth of China economy and the development of global economy provide ample space for the development of China fastener industry. Joint ventures, foreign-owned enterprises grow so quickly. The state-owned enterprises, once supporting China fastener industry, faced the market in early days. Therefore, they usually came across challenges so that innovations and adjustment became necessary. The whole industry was influenced by market. A brand new industry is now being re-organized. In the early 1990s when the innovation just began, the common private-owned enterprises still had to rely on the big state-owned enterprises to get orders. However, an owner of a private-owned enterprise in the coastal region proudly announced, "We will overtake you in less than ten years." This unbelievable prediction, which was once considered as a joke, came into reality. This change is both unfortunate and fortunate. The unfortunate is that a quite a few well-established enterprises died out; the fortune is that the industry becomes more energetic.


However, the adjustment is far from ending. In the face of the world, China fastener industry still has lots of unsolved. China, as a big country of fasteners, she has to face her tough goal—to become a strong country of fasteners. Yet there is no doubt that since she has grown gradually from nothing, from small to big, we believe that her day from weak to strong is coming soon.

The end.

Written by Peng Zongwen
Translated by Alice
www.chinaFastener.biz
www.chinaFastener.info