To help understand the factors influencing performance, we interviewed 100 senior executives in industrial products and services (including automotive manufacturers and makers of other large durable products like airplanes and construction equipment) from a range of geographies about their experiences in creating value through M&A. All participants in this survey had made at least one significant acquisition and one significant divestment in the past 36 months. The survey included a combination of qualitative and quantitative questions and all interviews were conducted by telephone. All responses, where not attributed to our clients, are anonymised and presented in aggregate. This report draws on the insights gleaned from the study and the interviews, and on our own experience helping clients navigate the deals landscape. It offers a roadmap for how leaders should approach value creation within their organisations to deliver the full return potential on the transaction.


As hubs of social development, cities are faced with a myriad of diverse opportunities, bolstered by economic growth and scientific advances, as well as multiple obstacles and challenges. 2020 has brought challenges and uncertainty for a great number of cities, and has also presented us with a chance to slow down the pace of modern life and reconsider whether cities, in the midst of this rapid development, really possess the resilience to stave off risks and overcome challenges. Since 2014, the annual Chinese Cities of Opportunity report, jointly published by PwC and the China Development and Research Foundation has continued to monitor opportunities arising from China’s urban development and track the progress of its urbanisation from different angles and perspectives. For each edition, we adjust our research priorities subject to the social and economic priorities of the year in China. This year, against the extraordinary backdrop of the COVID-19 outbreak, the 2020 edition pays attention to urban resilience and the sustainable development of cities, while incorporating some additional key elements and angles such as the refined management of cities and smart cities.


Our study combined a comprehensive survey of Chinese consumers, in-depth research, and observations from our work advising companies in China. The survey was conducted from May to July 2019, and is part of a series of comprehensive surveys of Chinese consumer behavior conducted by McKinsey since 2005. The survey sample included approximately 5,400 respondents from 44 cities, representing approximately 90 percent of China’s GDP and more than half of its population.
We conducted online research with respondents, covering consumers’ general attitudes and purchasing behavior, key trends regarding their consumption patterns and leisure habits, and attitudes toward life, success, money, and health. The survey included a deep dive into apparel, cosmetics, and fast moving consumer goods categories, including food, personal care, and household products. Our research was supplemented by additional research that McKinsey is conducting on consumer sentiment in 26 countries. Results from our 2019 Global Sentiment Survey are available on

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