This Day, That Year

ItemfromApril17,1986,in ChinaDaily:Aftertwoyears offallingsales,theState-run HongqiWristWatchFactory inShaanxiprovincehas boostedproductiontomeet marketdemand.

Locatedinthesouthern suburbsofXi’anandestablishedin1970,thefactoryis thelargestwristwatchproducerinnorthwestChina. Overthepast15years,thefactoryhasturnedoutmorethan 10million“Butterfly”brand watches.

China’s watch industry has expanded dramatically over the past decades with homegrown manufacturers reinventing themselves to compete with traditional powerhouses such as Switzerland and France.

In 1995, the Beijing Watch Factory became the first such company in China to develop tourbillion, an important element in the manufacture of high-end mechanical watches.

In 2015, Tianjin manufacturer Sea-Gull made its debut at Baselworld, the world’s leading watch and jewelry show in Switzerland. The company showcased its products in Hall No 1, reserved for the best in business.

But Hongqi did not survive the challenges in meeting consumers’ demand and foreign competition. It closed in the late 1990s. Bankruptcy was finalized in 2002.

As the watch market in China blossomed and matured over the past decade, Swiss manufactures took note and began releasing limited-edition Chinese New Year timepieces. This year, the Year of the Rooster, a number of luxury watchmakers are paying homage to the famed farm fowl.