However, his luck turned in 1998.A Hong Kong client was looking for a specific type of dyed paper, and he managed to establish contact with Wang.
Wang grabbed the opportunity with both hands, eventually delivering the required paper much to the delight of his client. The new business helped him get back on his feet and injected in him a renewed faith in the industry that has been the lifeblood of generations of his family.
In 2000, Wang made the decision to explore new production methods. He wanted to try producing colored paper to expand the market. Moreover, he hoped to transform the colored, handmade paper into souvenirs to attract more tourists.
This approach has not only allowed him to increase his sales and bring more benefits to the local community, but also raised awareness among visitors about the charm of local handmade paper.
In 2004, the government rediscovered the importance of the village and its papermaking tradition, and started to direct more attention and support to the development of its distinctive paper culture, which, in turn, helped fuel Wang's cause.
As his business grew, Wang's paper gained popularity among domestic and international tourists, and has been sold both at home and abroad.
Such experiences woke him up to the importance of innovation in traditional craftsmanship.
"To adapt to today's society, ancient crafts must embrace modern influences. This way, more people can appreciate traditional handicrafts," he says.
One of his proudest innovations is the Yingchun paper, which, he claims, scientists estimate could last for more than 1,500 years.
Now, many facilities, such as the National Library of China and National Museum of China, are ordering this paper for the restoration of ancient books and paintings, as the village is now one of the very few places in the world that can produce paper of this nature.
Speaking about its "recipe", Wang says it's very dependent on location, water quality and temperature, the delicate requirements of which just happen to match Shiqiao's unique conditions.
More locals have reconnected with their family traditions and have joined the village's papermaking army.
One such papermaker, Yang Jinzhu, takes pride in his ability to produce 500 sheets of paper a day.
"It might take three to 10 years to grasp the craft, but it's worth it, since we are making paper from the ancient times," Yang says, adding that he enjoys the increasing admiration from the public toward his hometown's specialty.
Under Wang's leadership, a papermaking cooperative has been founded.
It has forged cooperation agreements with more than 60 travel agencies and institutes of higher learning, and tens of thousands of travelers have made their way to Shiqiao to experience the craft firsthand.