According to an article published today in the Wall Street Journal:
"A big part of China's private economy will change hands in the next decade, from first-generation entrepreneurs to their children, many of whom are foreign-educated and have a very different view about running a business than their parents do.
Kelly Zong, who has been groomed to take over her father's Hangzhou Wahaha Group, is outspoken in saying she doesn't favor her father's hands-on management style. Nor is she a big fan of the way government and business interact in China.
"I believe the government needs to face our generation," the daughter of China's second-richest man was quoted as saying in Guangzhou's Time Weekly. "Our generation can never be like my father's generation." Ms. Zong, who attended high school and college in California, declined to comment directly but acknowledged she made the comments to the Time Weekly.
Ms. Zong may be particularly outspoken, but the children of China's most successful entrepreneurs in general have little patience for the endless wining and dining of government officials that is necessary to do business in China. And they are not the nuts-and-bolts, get-their-hands-dirty managers that their parents are.
But many are shifting their parents' businesses into service industries in sectors such as health care and finance that are important areas in China's economic overhaul. Others are following their parent's entrepreneurial spirit. Either way, the government faces the question of how to embrace this homegrown resource even if this generation doesn't follow standard Chinese business practices''.
Source: WSJ
