Steinway & Sons upbeat on hitting the right notes

Steinway & Sons, the prestigious piano maker, expects its business in China to grow massively in the years to come as the Chinese market accounted for a fifth of its global sales last year, said the company's chief financial officer.

Musical education is gaining growing importance among Chinese families. According to the China Art Association, by 2018 there were about 50 million Chinese children learning a musical instrument, and the piano was among the most popular options for parents.

Benjamin Steiner, CFO of the 165-year-old company, said the Chinese piano industry is a huge and rapidly growing business.