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The Chinese Entrepreneurship Way by Julia Perez-Cerezo

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CHAPTER 13

Entrepreneurship by Joint Venture. Chen Yulan, Jifa

The seed company of Qingdao Jifa Group Co., Ltd. was established in 1955 in Jimo,1 north of Qingdao, under China’s first Five-Year Plan. It was set up by seven farming family members as a small manual workshop to produce wigs for export. The total assets of the company were as low as RMB 1,500. Today Jifa has over 15,000 employees, assets of over RMB 2.7 billion, and RMB 31.8 billion in annual sales, 90% of which are exports. It is also one of the top 500 export companies in China today. As such, it is considered a “miracle of the Chinese industrial revolution” and has received much ...

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