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China Briefings

Reports on China issued by Samsung Economic Research Institute

Traditional Culture and China’s Family Businesses

Traditional Culture and China’s Family Businesses

Samsung Economic Research Institute Beijing Office

Jan. 10, 2011

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1. Introduction

□ China's family businesses have a long history.

- Merchant groups that emerged during the Ming-Qing era were formed based on family and kinship ties.
- Modernized family businesses emerged during China's reform of industrialization from the late1800s to the early 1900s.
 • Based on blood ties, such family businesses inherited China's traditional trade and cultural values, but the internal aspects of the family businesses are closer to today's limited companies.
- Recently, China's newly emerging family businesses are taking up an important part of the private economic sector.
 • Family businesses, which account for a large chunk of China's private economic sector, have played an important role in China by facilitating economic growth, creating jobs and addressing social problems.

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