As a result of economic reform commencing in 1978 in China, cultural beliefs of the Chinese business owners are changing. While much has been published concerning large and multinational businesses, there is a gap in knowledge Of cultural beliefs of small and medium sized enterprises. To provide new knowledge, a survey on these smaller sized enterprises located throughout China was conducted in the summer of 2006. Respondents were selected from urban and rural areas, coastal and inland provinces and various industries to provide information on their opinions on how some of their cultural beliefs have changed from 1990 to present. Specific beliefs questioned include: Use of fengshui, Traditional Forbidden Activities, Company Naming Responsibility, Company Name Basis, Use of Numbers, Use of Physiognomy, and Prediction of a Company's Future. The importance of fengshui has risen over in the last sixteen years and certain traditional forbidden activities such as not turning over the fish while eating has remained important as a cultural belief Naming a company is important and the desirability of a good name is based on various factors. Use of numbers, physiognomy, and non-scientific methods for predicting the future success of companies are of lesser use. These aspects of cuhure are reviewed in consideration of the change from a planned economy to a market-based economy.