![]() ![]() ![]() Furthermore, the reform gave us opportunities to interact frequently with other countries, so we gained experience with the concept of a market economy. First of all, China’s reform infused the DNA of opening up into Baosteel. I would give credit to a combination of various forces. How did Baosteel not only excel within the industry domestically but also catch up with competitors worldwide? In fact, the establishment of Baosteel itself can be seen as one of the greatest achievements of the policy as well. As the best steel company of China, Baosteel has contributed to China’s accomplishment over the past 30 years and greatly accelerated China’s opening up and reform. Currently in China, one of two cars on the road is made of Baosteel’s steel sheet. Undoubtedly, people’s living has thus been substantially changed and improved. Nowadays, steel is utilized everywhere in people’s daily lives, in skyscrapers, high-speed rails, automobiles, airplanes, etc. The cost of over $100 million to import foreign technologies and their management showed Chinese leaders’ foresight and determination. As Deng once said, China would be “fired” by the global community if our economy did not advance. Due to the great vision of state leaders such as Deng Xiaoping and Chen Yun, Baosteel not only purchased the most advanced technology but established the best management methods. We cannot imagine how different China would be today without this policy.īaosteel has internationalization in its genes since the early days of China’s opening up. From the other way around, thanks to China’s opening up and reform policy, Baosteel could be established. On December 23, 1978, the construction of Baosteel marked the beginning of China’s opening up and reform. In 1978, China’s national steel output was less than 28 million tons, which severely suppressed China’s economic growth. “bread” and “steel.” Nobody can live without food and steel is the “bread” to all other industries as the most basic raw material to achieve industrialization. In 1958, Chairman Mao brought up two key points regarding China’s development, i.e. As we all know, the turning point of China’s rise was marked by that meeting, which also defined China’s opening up and reform policy.Īs a witness of Baosteel’s development, could you specifically talk about Baosteel’s significance to China’s reform and opening up? Baosteel’s groundbreaking ceremony started in Shanghai on December 23, 1978, which was the very second day after the closure of China’s Third Plenary Session of the Eleventh Central Committee. This means that every Chinese citizen had to donate 10 Yuan from their daily cost, suffering from hunger. During those hard years, a total of 12.8 billion RMB was invested into Baosteel’s first phase of the project. Deng Xiaoping had returned from Japan, he determined to use the only foreign currency exchange (US$) that China had left to construct Baosteel.Ĭorrect. Li talked about the reform and management of China’s state-owned enterprises, he said, “If every executive of China’s state-owned enterprises could be as excellent as those of Baosteel, the prospects of China’s state-owned enterprises would be very promising.” While learning about the history of Baosteel, we noted Baosteel’s significance as a landmark in the process of China’s reform and opening up. In LEADERS’ interview with then-Chairman of SASAC Li Rongrong in 2006, when Mr. Baosteel manufactures high value-added premium steel products with high technologies and fosters three major product categories, namely carbon steel, stainless steel, and special alloyed steel. By the end of 2014, Baosteel had more than 130,000 employees working all over the globe. In addition, Baosteel was also awarded the “Most Admired Chinese Company” for another year. Year 2015 continued witnessing Baosteel on the Fortune Global 500 list for the 12th consecutive time and ranked 218th. It was established in Shanghai in December of 1978 and has grown into one of the most competitive steel companies in China and the world. He was appointed as Chairman of the group in January of 2007.īaosteel Group Corporation ( ) is a typical enterprise arising from China’s reform and opening up. Xu joined Baosteel in 1982, rising from an engineer to a plant manager of blooming mill, and Assistant President of the group. Xu Lejiang is an alternate member of 17th, 18th CPC Central Committee and a professor-level Senior Engineer. ![]()
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