Most Chinese youths pin hopes on parents for success; It seems that only people with strong backgrounds and connections can “get the last laugh” in such a “snobbish” society

Most youths pin hopes on parents for success: survey

(ecns.cn)    08:22, August 19, 2013

A recent survey shows that most respondents think their peers yearn for effortless success with the help of a strong family background.
The Social Survey Center of China Youth Daily surveyed 3,809 people through minyi.net.cn and sohu.com. Of those surveyed, 80.4 percent believe young people who achieve career success in China are all winners in the “competition of family background,” and 83.5 percent believe their peers hope to join the “competition of family background”.
One respondent said: “Life is a game. Following rules is the only way you can survive”. Young people from ordinary families complain that they are currently being judged on their family backgrounds rather than their abilities and knowledge when they look for jobs. This is probably another one of society’s rules, and it’s called “competition of family background”.With a good family background, namely parents with high social status, wealth or power, the children, known as the “second generation rich,” are able to get decent jobs and social status ahead of those from poorer families, the survey shows.
A master’s candidate at Hong Kong Polytechnic University said it was easy for graduates who have strong family connections to get good jobs.
“One of my classmates got an ideal position in a large state-run bank where his relative served as a high-level official. He won the offer even without interviews,”he said.
It seems that only people with strong backgrounds and connections can “get the last laugh” in such a “snobbish” society.
The survey shows that only 10 percent of respondents still believe that traits such as hard work, creativity and sound academic achievements can beat having a good father.
“Competition of family background” as a social phenomenon will add instability to Chinese society, according to Chen Youhua, a professor at Nanjing University.
When children of officials and wealthy people end up in government jobs, and children of the rich inherit from their parents, people from disadvantaged backgrounds have few opportunities for promotion, so even if they strive for a lifetime, they cannot gain an upper hand in the “competition of family background”.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: