Chinese companies are thinking long term

Private mainland Chinese companies have a longer-term outlook than their peers in Asia and the rest of the world, according to a recent research report.

The Grant Thornton International Business Report 2009 shows that 44% of privately-held businesses in mainland China have a formal business plan covering more than three years – the highest in the world. In Hong Kong, only 27% of businesses have a three-year planning cycle, with the figure standing at 29% in Japan, 26% in Singapore and 25% in Taiwan. The worldwide average is 27%.