After the founding of the People's Republic of China, Lanzhou was designated as a key national industrial base. During the periods of the First and Second Five-Year Plans (1953-62) and the Third Front construction (1964-80), the city established large and medium-sized business enterprises such as Lanzhou Refinery and Lanzhou Chemical, known as the "eldest sons of the republic". Today, Lanzhou remains a vital national base for petrochemicals, equipment manufacturing, biopharmaceuticals, and new materials.

In fact, the city is now home to 454 industrial enterprises above designated size, spanning 33 major sectors.

To advance its high-quality development in the petrochemicals industry, Lanzhou has newly established Xigu Chemical Park, focusing on million-ton ethylene and new materials projects.

Leveraging leading locally-based companies like LS Group and CRRC Lanzhou Locomotive, the city has created competitive advantages in oil drilling equipment, rail transit vehicles and high-pressure valves.

With strong capacities in biopharmaceuticals — led by institutes such as the Lanzhou Institute of Biological Products and Lanzhou Veterinary Research Institute — Lanzhou leads the nation in the R&D and production of human vaccines and animal vaccines.

In addition, supported by prominent enterprises  — including Fangda Carbon, Hailiang New Material, and Defu Technology — Lanzhou is growing emerging industrial clusters in carbon materials, high-end copper foil and lithium battery materials. As such, it is continuously enhancing agglomeration effects in its modern manufacturing.