Global Family Business Survey 2018 - China Report
Family businesses are experiencing a period of unprecedented complexity marked by economic, geopolitical and generational change. Companies are being evaluated by their emphasis on sustainability and being “in it for the long run” on top of enhancing their bottom line, and family run firms are no exception.
The PwC Global Family Business Survey has surveyed 2,953 senior executives across 53 territories. Of which, key decision makers of 108 family businesses in mainland China and Hong Kong have also been interviewed for the China report. The China report uncovers how family businesses on the mainland and in Hong Kong are navigating and thriving in this unpredictable environment.
A glimpse of the survey’s key findings
1. Family businesses have seen higher sales growth over the past 12 months compared to the global average and are active strategic planners
- More family businesses on the mainland have seen higher sales growth over the past 12 months (75%) compared to the global average (69%). Out of this, 67% of mainland respondents saw double digit year-on-year growth in 2018, roughly double the global proportion of 34%. Additionally, close to all mainland family business executives have a strategic plan for the next three to five years (96% compared to 79% globally).
2. Family businesses are more bullish than global counterparts in terms of growth aspirations over a two year time horizon
- In China, 26% of family businesses expressed “quick and aggressive” growth aspirations over a two year time horizon compared to 16% of their global counterparts. In terms of “steady growth” aspirations over a two year time frame, 51% of Chinese family businesses shared this view compared to a global average of 68%.
3. Family businesses have embraced digitalisation to a greater degree than their global peers
- More mainland family business owners are investing in digital capabilities than their global counterparts (63% compared to 57%). Compared to their global peers, fewer decision makers on the mainland and in Hong Kong also report feeling vulnerable to digital disruption (mainland: 12%, Hong Kong: 27%, global average: 30%).
To discover more about how family businesses are navigating key challenges, how values and purpose are impacting their business, and other trends on business continuity, please click the link below.
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Elton Huang
China Central Markets Leader and China and Hong Kong Entrepreneurial and Private Business Co-Leader, PwC Hong Kong
Tel: +[86] (21) 2323 3029
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Stephen Wong
China Telecommunications Leader and China and Hong Kong Entrepreneurial and Private Business Co-Leader, PwC Hong Kong
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