This weekend marks the prelude of the Lunar New Year across China and other regions, one of the most important cultural celebrations across China. It is a time when many contemplate building good luck for the year to come and there are many superstitious traditions to insure previous year bad luck does not come forward.
The upcoming New Year is that of the Year of the Monkey. Ritual would indicate that people born in the Year of the Monkey are said to be intelligent, clever, and gregarious, and mischievous. They are noted as skilled and smart, but do exhibit shortcomings, like a quick temper and a touch of arrogance, tending to hold them back.
It is a time of great migration as millions of adult children travel home to gather with parents and other family to celebrate the start of the New Year. A report published by Fortune indicates that earlier this week, hundreds of thousands of travelers were delayed at railway stations in Guangzhou and Shanghai due to snow and ice storms delaying trains.
As supply chain teams are well aware, many if not most of China’s manufacturer’s shutdown operations during at least the designated week-long Lunar New Year celebration period that begins on Monday. Traditionally there are 15 full days of celebration ending with the Festival of Lanterns.
As the Lunar New Year begins China’s manufacturing sector remains quite challenged with declining export and domestic product demand. Overcapacity is noted as rampant and many manufacturers are struggling financially hoping to hold on. Thus, the upcoming year takes on considerable significance for new beginnings and better fortunes. The government of China has developed plans for investment in strategic industries and has initiated efforts to consolidate state-owned manufacturers. With the adoption of the Trans Pacific Partnership, China is indicating a renewed emphasis on sustainability and climate change measures to reduce levels of pollution.
As the Year of the Monkey begins, it is indeed fitting to be a time for not exhibiting arrogance but that of patience and insight.
We would like to take this opportunity to wish all of our China based readers good luck for this Monkey year.