Many Chinese tend to label the offspring of the country’s nouveau riche private business founders with the pejorative “fuerdai”, literally “second-generation rich”.
They are seen as scions, waiting in the wings to inherit their family’s enterprises and the massive wealth their parents oversaw, a life in the lap of luxury guaranteed.
In reality, many of these transitions are plagued by a clash between generations, as the younger generation is unwilling – or unable – to keep the family business going, let alone allow it to thrive.
The private sector, the backbone of China’s economy and employment, is now facing a growing succession crisis – one which may see businesses wind down or fold, observers warn, as family matters threaten to send broader tremors throughout the country.
In regions like China’s eastern Zhejiang province, a major economic centre, questions over inheritance are becoming more pressing.
“I cannot – and probably should not – take over from my father,” said Li Fante, whose family’s factory, like many other businesses in Zhejiang’s city of Wenling, has maintained steady profits.
However, he said the work was neither exciting nor lucrative enough to lure him in.