Chinese family firms bullish about future
Print Edition
FAMILY businesses in China have achieved revenue growth above the global average over the past year and they are also more optimistic about their future growth, PricewaterhouseCoopers said in a survey yesterday.
The survey found that 84 percent of the family businesses from China have reported sales growth over the past 12 months, according to PwC survey titled “Up close and professional: the family factor.” The global average was 65 percent.
The Chinese family businesses were even more optimistic for the future with 53 percent of them projecting a quick and aggressive growth over the next five years.
“In general, family businesses in China are in reasonably good shape in terms of growth,” said Jevens Qian, PwC China assurance partner. “Family businesses believe they hold some key advantages over non-family businesses including being more entrepreneurial and making decisions faster.”
The survey also revealed more Chinese family businesses are eying expanding overseas and that 15 percent of their current sales are global. The ratio is likely to rise to 21 percent in five years.
But only 6 percent of the family businesses have developed a succession plan, below the global average of 16 percent.
The survey covered 2,378 family businesses globally with annual turnover between US$5 million and US$1 billion, with 32 from China’s mainland.
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