FAMILIES IN COMMAND
27 MILLION 80%
207
80% 1,112 75%
15% 21% 80%
hamper the development of a unified market and fair competition. Even president Xi Jinping has
vowed to safeguard and encourage the development of private enterprises with substantial tax cuts and bailout funds, over fears the government was looking to nationalise them.
Fan Gang, president of
Shenzhen-based think tank China Development Institute, says the policies show the government is depending on private enterprises to boost the country’s development. “China will increasingly rely on endogenous innovation to spur
Construction Group Company
Amer International Group Company
GTI Holdings Ltd
Zhejiang Geely Holding Group
China Evergrande Group
COMPANY Pacific
FAMILY Yan
Wen-Yin 1994 100% 72,766 Sum Poon 1981 100% 68,718.83 1986 98.90% 46,233.40 1996 77.17% 45,611.83
Wang
Shufu Hui
ILLUSTRATIONS: ALAMY FOUNDED
MAJOR PLAYERS FAMILY
1995 90%
ENTREPRENEURS IN MAINLAND CHINA, OF WHICH FAMILY BUSINESSES ARE THE MAJORITY
OF PRIVATE COMPANIES ARE FAMILY FIRMS
FAMILY BUSINESSES HAVE AT LEAST 100 YEARS OF HISTORY
OF MAINLAND CHINA’S WORKFORCE EMPLOYED BY FAMILY BUSINESSES
FAMILY BUSINESSES ARE LISTED ON THE DOMESTIC STOCK MARKET
FAMILY BUSINESSES HAVE SEEN HIGHER SALES GROWTH OVER THE
LAST 12 MONTHS
OF FAMILY BUSINESSES HAVE BOARD MEMBERS THAT ARE WOMEN
FAMILY BUSINESSES HAVE A SUCCESSION PLAN IN PLACE
OF SECOND GENERATION HEIRS HAVE NO DESIRE TO JOIN THEIR FAMILY BUSINESS
economic developments in the future, a process that needs risk takers from private businesses, while state firms, always slower and more cautious in decision-making, are relatively less vigorous and not that willing to take risks,” he told state- run newspaper China Daily. But not all of the government’s
SHAREHOLDING REVENUES (2017) 77,205
USD MILLIONS
EMPLOYEES (2017)
365,425
17,886 3,388
18,000 125,526 INDUSTRY
Real estate, hospitality and construction
Manufacturing and industrial products
Retail and consumer products
Automotive and Assembly
Real estate, hospitality and construction
policies have helped family businesses. Due to the One-Child Policy, which lasted 35 years until 2016, family firms are now facing a potential succession crisis. Research shows that even with only one to choose from, 80% of second generation heirs have no desire to join their family’s business. With as many as three million entrepreneurs reaching the age of retirement in the next decade, and with no government policy to help, family businesses will have to look outside the family to plug the gap.
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