China's family-run businesses face succession challenges

Wave of retirements bringing profound change to nation's industrial sector

Over 80% of China’s 1 billion private companies are family-owned, with about 29% of those businesses in traditional manufacturing.

ZHANG ERCHI and HAN WEI, Caixin

November 2, 2023 09:33 JST

China's economic boom over the past four decades has caused private entrepreneurship to flourish and led to the emergence of tens of millions of family businesses that have contributed to the country's rise as a global manufacturer. Now, many of these businesses are facing a common challenge: passing the baton to second-generation owners