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The Chinese New Year will begin on Sunday, January 22, 2023. This holiday, widely celebrated in Asia, is of great value, both in terms of its meaning and the expectations it raises. For this new year of the traditional luni-solar calendar, the Rabbit is in the spotlight. And like China, it should continue to leap forward in 2023.
January 22, 2023 will mark the beginning of the Lunar New Year, also known as the Spring Festival and more commonly known as the Chinese New Year. With festivities spanning several days, Chinese New Year will be widely celebrated around the world and in Asia. China, Malaysia, the Philippines, Thailand and Korea are actively preparing for it. The color red, symbol of happiness and luck, will be used for costumes, decorations and gift wrapping. During this period, China will experience large internal and external migrations of the population, during large family gatherings.
The Year of the Water Rabbit
While most of the countries in the world have adopted the Gregorian calendar, in China the holidays are governed by the traditional lunisolar calendar. The date of the New Year is not fixed but varies every year according to the lunar phases. At each edition, a sign is honored, depending on the animals of the zodiac, namely the Rat, the Ox, the Tiger, the Rabbit, the Dragon, the Snake, the Horse, the Goat, the Monkey, the Rooster, the Dog and the Pig. This sign is associated with one of the five elements: wood, fire, earth, metal and water. In 2023, the year of the Water Rabbit will begin.
In the local culture, the zodiac is much more than a simple belief or superstition. It constitutes the whole of the energies composing one’s life and chances, the link between matter and spirit, but also the place through which man can act on his destiny. The rabbit, frail in appearance, compensates with his vivacity, his reflexes, his cunning and his luck. Thus, he is able to foresee and avoid dangers and it would be risky to underestimate him…
A year of growth
What will the year 2023 be made of, under the sign of the Rabbit? Enrichment or ruin? Like the Rabbit, China should show initiative and opportunism. Starting with the reopening of the borders and the massive movement of the population to celebrate the New Year. For the first time since the pandemic began in 2020, there will be a huge wave of travel to mark the new year, with a possible boost to the Chinese economy. Covid numbers are likely to rise sharply after the festivities. But then the situation should stabilize and the country could see growth as early as the end of the first quarter. The government, which is counting on the latter in 2023, should support the economy with stimulus measures. According to experts, the recovery of consumption and services will be the engines of growth. After three years of stagnation due to the pandemic, there is strong pent-up demand. Households, who saved more during this period, are waiting to spend more again. In addition, consumer coupons would also be distributed by May.
The government’s plan would also be to encourage investment to support infrastructure expansion and the decarbonized economy. Equity markets have already anticipated a marked improvement, and the MSCI China has gained about 11% year-to-date.
Towards a multipolar world
China’s rapprochement with Saudi Arabia could be the big story of 2023. The two countries agreed to expand crude oil trade by moving their relationship toward a strategic partnership during Chinese President Xi Jinping‘s visit to the Saudi capital Riyadh last month. Indeed, China is keen to put its own currency, the yuan, at the forefront of international oil trade, thus ending the hegemony of the petrodollar.
Xi Jinping has pledged to step up his efforts to promote the use of the yuan in energy transactions. He proposed at a summit in the Saudi capital that the Gulf Cooperation Council (GCC) countries make full use of the Shanghai Oil and Gas Exchange to make their trade payments in yuan.
Luxury goods sector opportunistic
With the borders reopened, the resumption of Chinese travel could well benefit the luxury sector. “The reopening of China is one of the key mega-issues for the luxury sector in 2023,” says RBC in a note, which has raised its growth forecast for the sector to 11% for 2023 from 7% previously. And on the occasion of the Chinese New Year, the brands intend to take advantage of it: a rabbit is the main character of a collection of Burberry, Dior has created a watch “year of the rabbit” and Bottega Venetta has posted on the Chinese wall to wish the happy new year in Mandarin.
Before the health crisis, Chinese customers accounted for “a third of luxury purchases in the world and two-thirds of these purchases were made outside China,” recalls to AFP Joëlle de Montgolfier, director of the luxury division at Bain and Company. With the lifting of travel restrictions in China, “there will be a significant return of Chinese tourists but it will be more in the second quarter,” according to Arnaud Cadart, portfolio manager at Flornoy. “The epidemic is still very present in China and affects many people. Luxury brands in Europe will have to be flexible to adapt to this returning Chinese clientele, which is used to traveling in groups and which is added to a larger American and local clientele than before the pandemic.
Although China’s economic recovery may be complicated by the health crisis, some agree that the worst is over and that luxury could well benefit from the opening of its borders. With the year 2023 full of promise and challenges, the New Year could be a wake-up call for the Middle Kingdom.
Read also >China: stronger growth expected in 2023
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The Chinese New Year will begin on Sunday, January 22, 2023. This holiday, widely celebrated in Asia, is of great value, both in terms of its meaning and the expectations it raises. For this new year of the traditional luni-solar calendar, the Rabbit is in the spotlight. And like China, it should continue to leap forward in 2023.
January 22, 2023 will mark the beginning of the Lunar New Year, also known as the Spring Festival and more commonly known as the Chinese New Year. With festivities spanning several days, Chinese New Year will be widely celebrated around the world and in Asia. China, Malaysia, the Philippines, Thailand and Korea are actively preparing for it. The color red, symbol of happiness and luck, will be used for costumes, decorations and gift wrapping. During this period, China will experience large internal and external migrations of the population, during large family gatherings.
The Year of the Water Rabbit
While most of the countries in the world have adopted the Gregorian calendar, in China the holidays are governed by the traditional lunisolar calendar. The date of the New Year is not fixed but varies every year according to the lunar phases. At each edition, a sign is honored, depending on the animals of the zodiac, namely the Rat, the Ox, the Tiger, the Rabbit, the Dragon, the Snake, the Horse, the Goat, the Monkey, the Rooster, the Dog and the Pig. This sign is associated with one of the five elements: wood, fire, earth, metal and water. In 2023, the year of the Water Rabbit will begin.
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The Chinese New Year will begin on Sunday, January 22, 2023. This holiday, widely celebrated in Asia, is of great value, both in terms of its meaning and the expectations it raises. For this new year of the traditional luni-solar calendar, the Rabbit is in the spotlight. And like China, it should continue to leap forward in 2023.
January 22, 2023 will mark the beginning of the Lunar New Year, also known as the Spring Festival and more commonly known as the Chinese New Year. With festivities spanning several days, Chinese New Year will be widely celebrated around the world and in Asia. China, Malaysia, the Philippines, Thailand and Korea are actively preparing for it. The color red, symbol of happiness and luck, will be used for costumes, decorations and gift wrapping. During this period, China will experience large internal and external migrations of the population, during large family gatherings.
The Year of the Water Rabbit
While most of the countries in the world have adopted the Gregorian calendar, in China the holidays are governed by the traditional lunisolar calendar. The date of the New Year is not fixed but varies every year according to the lunar phases. At each edition, a sign is honored, depending on the animals of the zodiac, namely the Rat, the Ox, the Tiger, the Rabbit, the Dragon, the Snake, the Horse, the Goat, the Monkey, the Rooster, the Dog and the Pig. This sign is associated with one of the five elements: wood, fire, earth, metal and water. In 2023, the year of the Water Rabbit will begin.
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