Lunar New Year is the most important occasion in the Chinese calendar for our Chinese clients and staff who will generally celebrate 1-2 weeks holiday with family and close friends.
This year’s zodiac sign is the Goat / Sheep and New Year’s Day falls on Thursday 19 February. The Goat is characterised by creativity, dependability, stability and intelligence, which are all qualities which auger well for business.
KPMG China recently released China Outlook 2015, its annual review and outlook for the Chinese economy. The report predicts slower but high quality economic growth and for outbound direct investment from Chinese companies to continue increasing, particularly into developed economies like Australia. Agriculture and food, technology, high-end manufacturing, infrastructure and real estate are new ‘hot’ sectors for Chinese investment in the Goat / Sheep year.
The China-Australia Free Trade Agreement (ChAFTA) is expected to be formally implemented in 2015, further stimulating Chinese trade and investment in a number of strategic industries in Australia, including agriculture and services.
On behalf of our team, I wish you all a very prosperous Chinese New Year, particularly to our very large number of ethnic Chinese staff members and clients.
Gong Xi Fa Cai! (pronounced “Goong See Far Sai) for Mandarin Chinese language
Kong Hei Fat Choy! for Cantonese language
Doug Ferguson is the National Managing partner of KPMG’s Asia Business Practice.