Every year, China stages the largest human migration on earth as up to 1bn people go home to their roots. The FT’s Patti Waldmeir reports on the phenomenal combined buying power of China’s 260m migrant workers and looks at the type of gifts they are buying this year.
China gets a bad rap for lacking creativity. The conventional wisdom, especially among frustrated multinational personnel managers, is that it’s hard to find recruits in China who can “think outside the box” (though those who complain about that defect always use exactly the same phrase about the box, raising questions about their own ability to complain creatively).
But if they scan Chinese newspapers at this time of year – the run-up to Lunar New Year, which triggers the earth’s biggest human migration – they can find plenty of stories of Chinese exercising their ingenuity on the problem of how to get home to mama’s for the holidays. Continue reading »
If you believe in precedent, the Chinese Year of the Snake which begins this weekend could be very bad for your portfolio.
As broker CLSA says in a report, Hong Kong’s Hang Seng index has dropped in four out of the five last Snake years. Worse, Snake years are often marked by shocks, such as the Russian revolution (1917), the Great Depression (1929) and the Twin Towers attack (2001).
But brokers don’t make their living by being gloomy. So CLSA finds reasons why 2013-14 will be different: it’s all down to the basic energies. Continue reading »
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