Family businesses in China have seen much stronger growth than the global average over the past year and are very bullish about future growth, according to PwC’s Family Businesses Survey.

84% family business respondents in China report growth over the past 12 months, compared to the global figure of 65%. And, 53% are very optimistic, aiming for quick and aggressive growth over the next five years.

China family business executives rank staff recruitment and market conditions as the key internal and external issues that they face over the next 12 months. Over the next 5 years, Chinese respondents identify innovation, professionalization and attracting high quality talents as their top three challenges.

“In general, family businesses in China are in reasonably good shape in terms of growth,” says Jean Sun, PwC China Assurance Partner.

Family businesses believe they hold some key advantages over non-family businesses including being more entrepreneurial and making decisions faster. In addition, they play a vital role in their country’s economy and society, including supporting community initiatives, job creation and adding stability to a balanced economy.

PwC Family Business survey indicates increased internationalisation in the family business area. In China, 15% of sales currently are accounted for by international sales, the ratio is expected to rise to 21% in five years.

53% of China family businesses are planning to float or sell the business while 28% plan to pass on ownership to the next generation and bring in professional management. The majority of Chinese family businesses recognize the importance and need of digitalization.

In this PwC survey, the countries registering the highest scores on understanding the commercial potential of digital were emerging markets like Romania (80%), China (77%) and India (69%), with the lowest scores for Ireland (45%), the UK (45%), and Canada (38%).

More than 80% of Chinese family businesses have non-family members on the board, versus 34% globally. In China, 22% of family businesses have some sort of succession plan, while only 6% have a robust and documented succession plan in place, lower than the global average of 16%.

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