Chinese economy has been the latecomer in the list of economies when industrialization took place in the world. This is so because it was working on making its internal strengths more strong that is, the family business more powerful (Wang & Chee, 2011). In particular, these family firms were more focused on the maintenance of the factors such as producing the good quality product, preserving the heritage and culture, and the image of the business formed in the market. This practice was majorly conducted as these business firms were aware of the fact the family businesses are meant for the long run and thus the protection of the image of the company holds prime importance in any business for the survival of the business in the long run (Mackey & Sisodia, 2014).
In the research conducted by Whyte (1996), it was stated that the family firms ensure that everyone in the firm or the family members are benefitted by the profits of the firm regardless of their individual contribution to the business. The joint families have the overriding urge to keep the ancient culture and heritage intact; hence, this approach of doing the joint business together enables these firms to keep the concept of joint savings and joint living, intact (Liang, Wang & Cui, 2013). This approach aids the family business as different members of the family support the rising needs of the business and have little equity at the family level (Gao, Bai & Shi, 2011). Thus, these factors aid the Chinese family businesses to perform their business operations by making use of the multiple specialties which contribute to gaining an edge over its competitors in the global market.
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