In the 1950s after PRC was established by CPC, the government invested heavily in the city to build a series of state-owned heavy industries, as part of the national plan of rapid industrialization, converting it into a heavy industry production centre of East China. Overenthusiastic in building a “world-class” industrial city, the government also made many disastrous mistakes during development, such as spending hundreds of millions of yuan to mine for non-existent coal, resulting in negative economic growth in the late 1960s. From 1960s to 1980s there were Five Pillar Industries, namely, electronics, cars, petrochemical, iron and steel, and power, each with big state-owned firms. After the Reform and Opening recovering market economy, the state-owned enterprises found themselves incapable of competing with efficient multinational firms and local private firms, hence were either mired in heavy debt or forced into bankruptcy or privatization and this resulted in large numbers of layoff workers who were technically not unemployed but effectively jobless.