A survey entitled “China Family Business Report,” a collaboration of several Chinese business organizations, reports that the country’s business founders are worried that their children will ruin their businesses,
a
Financial Times
blog reported.
[N]early three quarters of entrepreneurs surveyed did not want to pass the family business on to the next generation — and half of the kids did not want to inherit it anyway.
The report said that according to an official from the All-China Federation of Industry and Commerce, half of China’s GDP comes from family-owned businesses.
The
FT
blog cited the official publication
China Daily,
which quoted Chen Ling of Zhejiang University’s Department of Family Business as saying that many Chinese businesses are low-end manufacturing companies, and next-generation members “live in a China that is aiming to climb higher up the value chain.” (Source:
Financial Times,
Dec. 13, 2011.)
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