â€œWomenâ€, in Mao Zedongâ€™s memorable phrase, â€œhold up half the skyâ€. While not strictly the case in the business world, Chinese women do play a far more prominent role, both in starting and running big companies in China, than their sisters do elsewhere, particularly in the US and Europe.
According to a study last year by accounting firm Grant Thornton,Â women hold 34% of the senior management positions in China, compared to an average of 20% elsewhere in the world. The percentages are also moving in opposite directions, with a greater proportion of top jobs in China going to women recently. Women held 31% of management jobs in China in 2009. Meantime, women are becoming less common in senior management in Europe and US, down from 24% over the same period.
And, no, itâ€™s not just a case of women dominating â€œsoft functionsâ€ like HR and accounting, as they often tend to do in the West. In China, 19% of women in management roles are serving as CEOs, compared to 8% elsewhere. A significant quotient of partners at private equity firms in China are women. The most talented and capable person in investment banking in China I know, Wang Yansong, Â is female — even better, she works with me.
If there is a â€œglass ceilingâ€ in China, it must be quite porous.
In my three-plus years in China, Iâ€™ve met far more successful big-time women entrepreneurs and bosses than I did in 25 years working in US and Europe. Iâ€™ve also been lucky enough to work with several, including one of Chinaâ€™s most well-known entrepreneurs, Mrs. He Yongzhi, the founder of the countryâ€™s largest spicy hotpot restaurant chain, å°å¤©é¹…, or â€œLittle Cygnetâ€, with over 400 high-end restaurants across China.
Mrs. HeÂ started the business 30 years ago in a tiny alcove, with just five tables –no capital, no powerful backers and a competitor on every street corner. And yet, she has thrived. She invented the now-ubiquitous “yin-yang” twin-flavored stock pot commonly used not just in her own restaurant but in hotpot restaurants around the country.
Along with the restaurant chain, she also runs a food processing company, producing bottled hot sauces with her face on every label, and a large commercial real estate business, including five hotels in Chongqing, Sichuan and Tibet. Her daughter Weijia is a chip off the entrepreneurial block,Â having started a high-end tea business called NenlÃ¼.
Mrs.Â He’s Â restaurant company has Sequoia Capital as an investor, and is planning an IPO next year that will likely make her into another of Chinaâ€™s self-made billionairesses. Already, half of the worldâ€™s self-made billionaires are from China. Over 10% of the richest businesspeople in China are women. That may not sound like much, but is light-years ahead of most every place in the world. In a typical working year, I will meet at least 10 women bosses who are well on the way to building an enormous fortune as founder and majority-owner of companies thatÂ may likely one day have an IPO in China.
Indeed, itâ€™s one of the great joys of my working life, that I meet so many great â€œlady laobanâ€, as we call them, using the Chinese word for “boss”. I especially like meeting with women running metal-bashing businesses.Â One of the more successful and elegant women bosses I know started and runs one of Chinaâ€™s largest private auto parts companies, making aluminum ventilation and heating systems for cars and large trucks.
At the factory, she wears a smock with the cotton elbow-protectors once in vogue among 19th century English bookkeepers. Her husband works for her, as head of the security team. Her likely successor? Her one daughter, a recent new mom, who runs the company in tandem with her mother. Both mother and daughter are warm, lovely, attractive, fully at ease talking to truck mechanics and engineers, or walking the factory floor.
It may be a coincidence, but many of the women bosses I know do not have sons. Only daughters. Did they work harder in their professional lives to overcome the stigma (then large, now thankfully smaller) of having only girl children? It could be. But, such Western-style psychological theorizing seems misplaced. China has more great women entrepreneurs because 30 years ago, as China was ending its costly experiment with Maoist socialism, there were new huge areas of money-making opportunity open to all.Â Gender mattered less than ambition, diligence, persuasiveness, businessÂ acumen and leadership skills. China after 1978 was a commercial â€œtabula rasaâ€. There were few established business rulesÂ and basically no role models (positive or negative) for anyone to follow.
China traditionally is a male-focused society, with deep-set roots in Confucian thinking that put husbands and sons well above the rank of wives and daughters. In many ways, this mindset still persists in China. And yet, paradoxically,Â a society that puts men on a higher social plane can also provide women entrepreneurs with something of a level playing field in business.
In the last year, along with the two lady bosses already mentioned, Iâ€™ve met women who started and now run successful companies that make high-end LED screens, lease cars, provide an online B2B transaction platform, make and export embroidered blankets to Williams Sonoma. Never once have I heard a complaint about gender-discrimination or even a hint that the company has been victimized by negative perceptions about female bosses.
In the end, starting a company anywhere requires a tolerance of — if not full bear hug embrace of — risk. Women, so Iâ€™ve read, are programmed from birth to shun risk. Itâ€™s meant to be the reason there are comparatively few women combat soldiers and motorcycle riders, as well as successful entrepreneurs.
Gender theorists obviously never looked closely at China. Equally, Chinese women werenâ€™t taught why they were destined by biology to underperform men in the workplace, to start fewer businesses, to climb high on fewer corporate ladders. Spared knowledge of these â€œfactsâ€, theyâ€™re in full pursuit of their dreams and ambitions.