New Generation of Private Chinese Business Owners Takes Over

Millions of family businesses that thrived amid China’s economic boom are entering an unprecedented succession wave as first-generation entrepreneurs approach retirement. Making the shift more challenging is the changing business environment.

The private sector, which accounts for over 90% of all business operations in China and contributes more than 60% of the country’s GDP, has been struggling to recover from the pandemic and a multi-year crackdown on everything from tech to online education.