Around 3 million of China’s 14 million-plus private firms will face challenges in succession in the next few years, warned Hai Wen, dean of Peking University’s HSBC Business School, the Securities Times reported Wednesday. Hai said private firms make up over 80 percent of all Chinese businesses, and together employ more than three-quarters of the urban workforce. Hai said that to succeed the successors of these firms must inherit the hardworking attributes of their predecessors, while having the courage to innovate. Beijing’s decision to allow more private capital into more industries is creating room for growth for private firms, Hai added.
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