Appliance Giant Decides Its Future Is to Think Small

(Beijing) -- Along with large-scale layoffs that started last year, Chinese home appliance giant Haier Group has launched a revamp of its business structure by creating a large number of micro-sized enterprises to support its operations.

One of them is Qingdao Haier Cultural Industry Development Co., which was registered in June. The company was founded by Fan Jianbin, the brand director at Haier Group, and two others. The company plans to work in film, education and cultural projects.