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China delivers 2016 "red packets" to the world

Editor: Tong Xinxin 丨CCTV.com

02-15-2016 15:16 BJT

By Wang Jie, Professor of Party School of the Central Committee of C.P.C

Some Chinese traditional customs include pasting spring couplets, hanging red lanterns and eating dumplings, to celebrate the Chinese Lunar New Year or Spring Festival, while many elderly give lucky money to children as gifts. 

The custom has evolved into sending out "red packets" containing money by bosses to employees or among relatives and friends. 

The holiday stands as a cultural symbol and a global economic phenomenon. When China celebrates the Spring Festival, the rest of the world benefits. The Chinese are sending out "red packets" to the world. 

Chinese tourists' "red packets"----shopping boom

2015 had witnessed 120 million Chinese outbound tourists, setting a record for three consecutive years. China is the world’s largest country of outbound tourists. 

Data from the China National Tourism Administration show that Chinese outbound tourist spending had reached 194 billion US dollars last year. Chinese tourists, dubbed "walking wallets," supported economic development of many foreign nations. 

During the Chinese Lunar New Year holiday on Feb. 7-13, Chinese outbound tourists set another record high, bringing "shopping booms" to the United States, Spain, Japan, South Korea and elsewhere. 

Since more Chinese spend their Spring Festival abroad, many countries have taken measures to lure them. Promotional campaigns, such as "foreign goods to countryside", "seeking gifts globally" and "purchasing global", were carried out successively. 

In the West, the traditional shopping season usually lasts a month from Thanksgiving to Christmas. But in recent years, Chinese consumers have added another month to celebrate the Spring Festival.

Chinese merchants have also sold Spring Festival goods to foreigners. Many Chinese have exported Chinese New Year cakes, steamed stuffed buns, spring couplets, red lanterns and calligraphy works through online stores. The festival has promoted the peak tourist season and consumption of the world. 

Chinese enterprises' "red packets"---- "acquisition trend"

Additionally, the grand consumption economy has inspired Chinese enterprises to implement a "go global" strategy.

On Feb. 3, China National Chemical Corporation announced its purchase of the largest farm chemical company in the  world, Switzerland-based Syngenta, at a cost of 43 billion US dollars, setting a record for a Chinese companies' overseas acquisitions. 

Overseas mergers and acquisitions have become the driving force of China's foreign investment in 2015. Last year, the total value of acquisition deals by Chinese enterprises had reached 656 billion US dollars.   

In 2016, China’s acquisition drive remains dynamic. Chinese enterprises have gotten involved in four M&As, bidding 61.7 billion US dollars for property in the US and Europe. 

China will expand its investments in nations participating in the "Belt and Road" Initiative.  Well, are you ready to scramble for China's "red packets?”

 

( The opinions expressed here do not necessarily reflect the opinions of Panview or CCTV.com. )

 

 

Panview offers a new window of understanding the world as well as China through the views, opinions, and analysis of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.

Panview offers an alternative angle on China and the rest of the world through the analyses and opinions of experts. We also welcome outside submissions, so feel free to send in your own editorials to "globalopinion@vip.cntv.cn" for consideration.


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