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China family businesses see strong revenue growth, PwC says
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FAMILY businesses in China have seen much stronger revenue growth than the global average over the past year and they are more bullish about future growth, PricewaterhouseCoopers said in a survey today.
Among the respondents from China, 84 percent reported sales growth for their family businesses over the past 12 months. That compared to the global figure of 65 percent, according to PwC survey titled Up close and professional: the family factor.
Furthermore, Chinese family businesses’ optimism for the future is high with 53 percent aiming for quick and aggressive growth over the next five years.
“In general, family businesses in China are in a reasonably good shape in terms of growth,” says Jevens Qian, PwC China assurance partner. “Family businesses believe they hold some key advantages over non-family businesses including being more entrepreneurial and making decisions faster.”
The survey covered 2,378 family businesses globally with annual turnover between US$5 million and US$1 billion, of which 32 are from China’s mainland.
It’s the first time Chinese family businesses are included in the survey as the companies are becoming more mature.
The survey found 15 percent of Chinese family businesses’ sales currently came from international sales, and the ratio is expected to rise to 21 percent in five years.
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