China unveiled on Monday one of its new towering skyscrapers that Beijing watchers said symbolised the once isolated nation's ascension to dizzying prosperity while being ruled by a communist government that essentially embraced the basics of capitalism with great success.

As if to underscore its previous economic struggles, Chinese authorities saw it fit to construct the 328-metre high Longxi International Hotel in the once impoverished farming village of Huaxi but is now regarded as the socialist nation's richest village.

In a report by Agence France Presse (AFP), Huaxi largely benefitted from the economic reforms instituted by Beijing some three decades before, which many international economists credited to the gambit of then 'Paramount Leader' Deng Xiao Ping.

According to the state-run China Daily, the 74-storey five-star hotel was built with a financial backing of some $470 million, with as many as 200 prominent Huaxi residents pouring $1.5 million each to bankroll the ambitious project that state media touted as one of the 10 major structures now hugging the skies of China's key cities.

Local communist party officials hailed the new towering structure as representing the enormous triumph of Huaxi's collective spirit, its growth represented by its ballooning inhabitants that only numbered some 1600 back in the 1960s.

Years and decades of hardwork catapulted the village to its present form and stature while its population saw exponential growth over the past 30 years, with officials estimating that 50,000 Chinese count the place as their home.

Most of these residents, state officials stressed, have long-joined the affluent circle thus giving Huaxi its reputation as China's wealthiest spot, which is a direct contrast of the country's millions still mired in abject poverty.

Village officials have credited the Huaxi Group, which was established to oversee investments funded by the local government, for its envied success - a fact confirmed by Beijing's latest mantra for other provinces to "study the Huaxi experience."

With exciting features and amenities that include a revolving restaurant, a rooftop swimming pool, mall, theatre and spa, Huaxi Group officials have indicated to AFP that the new hotel will cater to tourists and corporate executives travelling through the region both for pleasure and business purposes.

Also, hotel officials are hoping that guests would be enchanted by a gold-studded ox that sits on top of the 60th floor, accentuating both the elegance and opulence that the new tower exudes.