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Maroc Maroc - WN.COM - Business - 21/Oct 02:20

Five-year plans steer decades of progress

In 1954, one year after China initiated the inaugural Five-Year Plan (1953-57), a specialized factory for manufacturing bearings, core components of mechanical equipment, was set up in Luoyang, Henan province. It was one of the 156 key projects launched nationwide during the period when the country was striving to build up the basic industries essential for national industrialization. These projects, spanning sectors such as steel, machinery, energy and chemical engineering, laid the foundation for China's industrialization in its early days, marking a determined stride from an agricultural society toward industrial prowess. Over 70 years later, Luoyang Bearing Group stands as a testament to...

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