Starting from scratch，then expanding from small to big，private economy which mainly based on family enterprises has played an important role in national economy since the economic reform and open-up until today. As the “key majority” in the private economy，family enterprises are irreplaceable in occupying market vacancies，solving the employment problems of surplus labor in rural and urban areas，and bringing enlightenment to the concept of market economy；they are acknowledged as “the invisible engine behind China’s economic miracle” by scholars. However，compared with foreign family enterprises，those in China are still young in age and lack in succession mechanisms in emergency，ambiguities between “family” and “enterprise”，descending willingness of younger generations to take over and the risk of selecting professional managers，as well as corporate transformation，etc.；in case when COVID-pandemic and economic slowdown become normal phenomena，the situation is even more unpromising. There are still a number of China’s family enterprises，such as LEE KUM KEE，Peak Sport Group，Fotile Group and JuneYao Group，have managed their way in corporate succession and transformation under the influences of the economic tides and changes of times，and become centennial enterprises with national reputation. On a new starting point in history，family enterprises should make good use of the opportunities of succession to younger generation，in order to manage the transition to a modern enterprise management system，to enhance both technology content and added value of products，to actively commit to voluntary social responsibilities，as well as to seek for sustainable development，so as to be always adaptive to new economic trends and carry on from generation to generation.