For wealthy Chinese who amassed their fortunes by taking advantage of the government’s support of private enterprise in the 1980s, it is a harsh reality that of their children and heirs, an impressive 95% have no interest in continuing the family business. However, not to worry. Starting on July 16, the All-China Federation of Industry and Commerce and the China Association for the Promotion of Non-Governmental Sci-tech Enterprises are co-sponsoring a three day training class that will whip their children into shape by teaching them how to be as successful as their parents.
The fu’erdai, or second generation of China’s rich businessmen, will gain a sense of responsibility for the future fortunes as well as the skills to handle hardship and manage a business. As Chinese companies change ownership over the next decade, hopefully the 40km hike that is integral to the training class will give the fu’erdai the motivation they need to take China to even greater economic growth.
To learn more about the growing pains of the second-generation of Chinese wealth, check out People Daily’s article here.