From trust to impact
Trust, sustainability and transformation amid uncertainties
expect to see their business grow in 2021 while 89% (Mainland China) and 83% (Hong Kong) expect to see growth in 2022
hope to expand into new markets/client segments in the next two years and 51% (Mainland China) and 44% (Hong Kong) will prioritise increasing their investments in innovation and R&D
enabled their staff to work from home once the pandemic hit while 70% (Mainland China) and 64% (Hong Kong) sought to retain as many staff as possible
report that the family that owns the business has a clear set of family values. Only 19% (Mainland China) and 20% (Hong Kong) have a robust, documented and communicated succession plan in place
have developed a clear and documented roadmap for digital transformation
engage in some form of philanthropy such as contributions to the local community and charitable donations
The prevailing COVID-19 pandemic has forced family businesses to make vital strategic decisions both to survive the current crisis and to grow their business over a longer time horizon.
In the PwC Global Family Business Survey 2021, we look at family business priorities in the short and medium term and tracks corporates’ progress in key areas such as succession planning and digital transformation. The study also revisits the importance of values and corporate purpose for family firms particularly in light of the current health and economic crisis. Our 2021 global survey captures the insights of 2,801 family business leaders across 87 territories. Of which, 129 executives in Mainland China and Hong Kong have also been interviewed for the China report.
The China report reveals that tomorrow’s family business requires a new approach for lasting success—one based on accelerated digital transformation, prioritisation of sustainability goals and professional family governance.
It’s time to act now!
China Tax Leader, Central China Markets Leader, Shanghai Office Lead Partner, PwC China
Tel: + (21) 2323 3029
Entrepreneurial and Private Business North China Lead Partner, PwC China
Tel: + (10) 6533 2693