By Jessica Zhang
China has 680,000 business executives in major cities such as Beijing, Shanghai, Guangzhou and Shenzhen, up 14 percent from 2007, and 35 percent of them are women, according to the 2008 China Business Executive Survey (CBES) carried out by China Market Research (CTR).
China’s rising class of business leaders is getting younger and higher in status. Department heads and general-managers make up 77 percent of the total and 25-44 year olds account for 70 percent. Managers born in 1970s are becoming the backbone of the group. Their average annual earnings were 157,000 yuan in 2008, up 36.5 percent from 115,000 yuan in 2007, while their household income grew by 39 percent to 263,000 yuan. The executive class, it seems, are media junkies, with 88.4 percent regularly reading newspapers, 86.3 percent watching TV, and 74.7 percent surfing the Internet.
The survey found that 69 percent of executives have favorite brand products that they are reluctant to change. Nearly all (97.3 percent) own property, and 61 percent focus on location and amenities when choosing a house. The number owning a car rose 10 percent to 47 percent; 65 percent say they consider safety features when deciding what car to buy, while 50 percent pay attention to fuel consumption and emissions.
74 percent have investments, with 43.2 percent owning shares, 27.6 percent investing in mutual funds and 9.5 percent owning life insurance policies.
Many felt under pressure, with 47 percent complaining of high workloads and 41 percent fretting over personal responsibilities. 66 percent said they felt more pressure at work this year than last, and over 50 percent said general pressures of life were growing. But 72 percent of executives say they are satisfied with their present jobs and lifestyle.
CTR Market Research interviewed 3,800 people in eight major cities (Beijing, Shanghai, Guangzhou, Shenzhen, Dalian, Hangzhou, Wuhan and Chengdu) for the 2008 China Business Executive Survey. Executives were defined as entrepreneurs, department heads and managers responsible for at least 50 staff.
(China.org.cn October 6, 2008)
