Weichai staff members celebrate the 65th anniversary of the group. Provided to China Daily

In 1946, when Weichai Power Co Ltd was founded as a small diesel engine factory in the city of Weifang in eastern Shandong, no one could have imagined that 65 years later it would be one of the largest auto parts suppliers in China.

But the path was far from smooth. Fifty-two years later, the company was on the brink of bankruptcy, far from its status today as a national leader in manufacturing.

A corporate culture that stresses awareness of risks and the confidence to overcome them has powered the miraculous achievements, said Tan Xuguang, chairman of State-owned Weichai Power.

"You could never have a second Weichai, even with the same factories, facilities, technologies, systems and funds," said Tan. "That's because the corporate culture is an invisible asset that exclusively belongs to Weichai's employees, and no other people could possibly buy or steal it."

The culture at Weichai Power "first and foremost highlights firm execution", said the chairman.

After Tan took the helm in 1998, a series of new policies reformed the distribution system, streamlined offices, upgraded technologies and improved marketing operations.