Thirty Years of Turbulence - Chinese Enterprises

作者：admin  点击次数：9  发布时间：2026-02-06

In the first half of 1984, there were only over 2000 imported cars in Hainan. By July, the district government had approved the import of 13000 cars, which was 36 times higher than the monthly average in the first half of the year. The black market foreign exchange has become more open, with prices skyrocketing wildly, and the ratio of the US dollar to the Chinese yuan has become 1:4.4, even reaching 1:6. People with large and small bags of RMB poured into the the Pearl River Delta to exchange Hong Kong dollars. Some people in Shenzhen, Beijing and other places have also complained about the smell of gold mines from Hainan's policies. At that time, the import of household appliances, cars, motorcycles, and spare parts from other places had to be directly approved by the State Council, but Hainan Island had the privilege of importing them, and everyone could judge the profit space involved. Therefore, "going to Hainan to dump cars" became the most tempting business opportunity at that time.

An unprecedented automobile craze has officially begun on this impoverished island. Out of the 94 units directly under the district, 88 have become obsessed with the car craze. Under the influence of the party and government organs, all industries on the island boldly started buying and selling cars. In just six months, 872 companies have emerged across the island, all heading straight for cars.