On behalf of CNSpoon, we would like to wish all of our readers a great year of Monkey and Gong Hei Fa Choi! The year of Monkey is a year of spirit, a year of passion and a year of energy; on the flipside, it might be a year of volatility, uncertainty and changes, so stay tune to CNSpoon on the latest info about China and a much more comprehensive, unbiased take on what’s going on here!
- China’s lunar year TV gala on CCTV gathered some criticism (http://www.cnn.com/2016/02/08/asia/china-year-of-monkey-gala-2016-criticism/). But there are also several bright spots, especially the dancing robots (http://www.engadget.com/2016/02/08/dancing-robots-chinese-new-year/), and diverse cultural shows (http://english.cntv.cn/2016/02/07/VIDEnqvrHdtIDelvBDwVlgrb160207.shtml).
Commentary: It’s funny how CNN, such a poorly run media, can criticize a show of 4-5 hours content with some mere excerpts from the social media. But criticism well accepted, and the show will continue to dominate, at least for now. The showcase of TFboys, a household name now in China, somehow demonstrated CCTV’s attempts to expand its exposure of new teenage idols.
2. Over 8 billion “red packets” sent over wechat during the Chinese New Year’s eve (http://qz.com/613384/over-8-billion-red-envelopes-were-sent-over-wechat-during-chinese-new-year/)
Commentary: Alibaba has tried to outcompete wechat during the CCTV Festival Gala, using alipay as a way to grab red packets. However, wechat seems to still dominate on this front due to tighter bond of social interaction and overall, a better social networking tool. Alipay might have won the battle that night, but it is still losing the war.
3. China’s box office set yet another record, grossing 660 million RMB at the first day of Chinese New Year Holiday (http://news.xinhuanet.com/local/2016-02/08/c_1118015157.htm). Renowned director Stephen Chow’s comedy “Mermaid” grossed 270 million RMB in a single day, breaking Xu Zheng’s “Lost in Thailand”‘s previous record.
Commentary: It is unsurprising that some films broke consecutive records, but is rather puzzling to me how mass media has commented that these Chinese New Year films were really mediocre. I guess it’s so easy to make money in China right now that quality is not important to make bucks, as long as you are there.
4. Ivanka Trump’s Daughter recited a Chinese poem during Chinese New Year (http://www.dailymail.co.uk/femail/article-3440781/A-multilingual-mogul-training-Ivanka-Trump-s-four-year-old-daughter-Arabella-serenades-family-Mandarin-ring-Chinese-New-Year.html)
Commentary: No wonder Trump likes China, I mean for real!
5. More Chinese choose to go home during Spring Festival by high-speed train (http://www.ecns.cn/2016/02-09/198706.shtml)
Commentary:While CRC took on a lot of debt, it seems like necessary capex for the improvement of life standard, a perfect example of “money well spent”.
- Worst start since 94′ for the first trading year after CNY holiday in Hong Kong (http://www.marketwatch.com/story/hong-kong-stocks-sputter-and-fizzle-as-market-reopens-2016-02-10)
Commentary: The bearish sentiment globally plays a role here, but uncertainty of Hong Kong’s role in China’s financial roadmap is another matter to contemplate.
2.Nikkei posted biggest drop in three years, European financial havoc weighed in (http://www.marketwatch.com/story/nikkei-sharply-down-on-banking-energy-woes-2016-02-08)
Commentary: So at least this time not blaming China because of “logic”, eh? It seems that Kuroda’s negative interest rate is not helping now, so wait for the big bazookas and keep your seat belt fastened!
3. Transition to a floating currency – China’s re-balancing act (http://www.eastasiaforum.org/2016/02/08/chinas-rmb-balancing-act/)
Commentary: A well summarized article here showing the dilemma of balancing between financial reform and avoiding market uncertainties; while a floating yuan may be de-stabilizing for the market as a whole, it is a necessity for China’s strategy to make its currency international.