This industry originated in the late 1970s and early 1980s. With the pace of market economy, some economically capable people with strong commodity awareness in the two towns of Hegumiao and Fengma began to get involved in the bicycle industry. From purchasing and selling parts to producing and processing simple parts, the bicycle industry began to sprout in Pingxiang. By the mid-1980s, the number of employees was rapidly expanding, and the types of parts processed were also increasing. Some people began to produce "Black Tiger" bicycles, and a small number of lawless elements illegally produced and sold counterfeit "Forever" and "Phoenix" brand bicycles to harm consumers. This attracted great attention from the central, provincial and municipal governments and carried out a crackdown lasting seven or eight years. The rectification has severely damaged the budding bicycle industry.

After Comrade Deng Xiaoping’s speech during his southern tour in 1992, the county party committee and the county government, on the basis of emancipating their minds, took timely measures to strengthen market supervision, correctly guide industrial development, and eliminate blockages, so that the entire industry entered the market. on a rapid development track. Industrial groups are expanding rapidly, business scale is expanding, and product varieties are increasing. A number of industry leaders such as Qiangjiu Group, Hengchi Group, Yulong Company, and Xingtai Feilun have emerged one after another. In 1996, Qiangjiu Group actively went out of the country to jointly produce OK Phoenix brand bicycle saddles with Shanghai Bicycle Saddle Factory; Hengchi Group entered the ranks of "Top 100 Private Enterprises in Hebei Province". In 1997, relying on Hegumiao Town, the main industrial distribution center, it invested 230 million yuan to build the country's largest professional bicycle parts market, China Bicycle Parts City. The market covers an area of ??1.5 million square meters, with 6 vertical, 3 horizontal and 9 streets, more than 3,800 building stores, a daily passenger flow of up to 150,000 people, and an annual transaction volume of 1.2 billion yuan. It was named a "development project" by the Hebei Provincial People's Government. A well-known market for characteristic industries in the county." After the market was completed, the county party committee and the county government spared no effort to improve the service functions of the market, and built the "Hebei Province Bicycle Parts Supervision and Inspection Station", "Provincial Department of Transportation Logistics Center" and "Xingtai City Technology Innovation Service Center" in the market , enhanced service functions, improved service quality, and facilitated market customers. The construction of the market has driven the vigorous development of the industry, and the scale of the industry has continued to expand. A number of new corporate stars such as Pengcheng Vehicle Industry, Four Star Industrial, and Xingtai Tianyang have continued to emerge. The visibility of the company and its products continues to increase. A number of trademarks such as "Qiangjiu", "Hengchi", "Yulong" and "Ounai" have been rated as famous trademarks; the company's products have successively passed the ISO9000 series of quality system certifications. A group of industrial leaders represented by Hengchi Group have successively obtained autonomy in operating import and export businesses; Pengcheng Vehicle Industry has become the only overseas processing enterprise approved by the Ministry of Foreign Trade and Economic Cooperation in Hebei Province and the first to invest and set up factories in Kenya.

After more than 20 years of development, the bicycle industry has become the most distinctive and dynamic specialty industry in Pingxiang County and a well-known specialty industry in Hebei Province. So far, it has been formed with Hegumiao as the center and China Bicycle Parts City as the leader, involving 7 township offices of Hegumiao, Fengma, Tianfu Village, Changhe Town, Fengzhou Town, Xunzhao and Liuzhuang 68 The industrial scale of each administrative village. It has more than 3,500 production and processing enterprises and stalls, including 15 with an annual output value of more than 10 million yuan and 3 with an annual output value of more than 50 million yuan. The number of employees reaches 25,000, effectively promoting the employment of labor force in Pingxiang and surrounding counties. Products include bicycles, tricycles, electric mopeds, strollers and various spare parts. The spare parts can be assembled into 10 million complete vehicles, accounting for about a quarter of the national output. The annual output is 3 million complete vehicles, which are sold to 24 provinces across the country. , cities, and autonomous regions, exporting to more than 30 countries and regions including Russia, Spain, Cuba, Vietnam, Thailand, Egypt, Kenya, Indonesia, Hong Kong, and Taiwan. In 2003, the industry achieved an output value of 1.75 billion yuan, earned US$23 million in foreign exchange from exports, and realized tax revenue of 13 million yuan, accounting for 44% of the total tax revenue achieved by the county's private economy.