You’ve probably heard a bit about the Chinese New Year. It falls on a different date to most other countries and is often discussed in conjunction with an animal. But how much do you really know about it?
For example, did you know that understanding this holiday is especially important for your business relationships?
Each year is represented by a different animal. And knowing what that animal represents means the difference between an embarrassing faux pas’ and a stronger relationship with your supplier.
This year, Tuesday 19th February marks the end of the year of the horse and the beginning of the year of the sheep, goat or ram. Lanterns will be lit and fireworks set off throughout China’s many great cities.
Read on to get the inside info you need to help your business relationships stay strong and productive over this important holiday.
What is the Chinese New Year?
First up, it’s good to know a bit about how the Chinese New Year is different to the Judeo-Christian holiday, and that means a very short history lesson. The Chinese calendar is thought to date back to the Han dynasty which was in power between 206BC and 220AD.
The calendar is a 12-year cycle with each year connected to an animal of the Chinese Zodiac. The zodiac, which is known as “Sheng Xiao”, features the rat, ox, tiger, rabbit, dragon, snake, horse, sheep, monkey, rooster, dog and pig, with the wheel going round in that particular order.
Each animal is associated with one of five elements, earth, metal, wood, fire and water which are known collectively as “Wu Xing”. This coming new year is the year of the sheep, goat or ram depending on who you speak with, but the principles of these animals are essentially the same.
What it means for the business world
With the introduction of each new year in the Chinese calendar, there are different associations, qualities or characteristics based on the particular animal and element. If you know what these are, you’re in a better position to relate with and otherwise impress your Chinese business relations.
This year is especially important for global sourcing and supply chain management in general, because it’s a year when people will take extra care about what they do.
In a related tale from Chinese folklore, a boy named Lei who owned a large flock of sheep found a hole in his fence, but neglected to fix it. Shortly thereafter, Lei realised his flock was dwindling until only one sheep remained. Only after Lei fixed as a whole could his herd grow once again.
The moral of the story is, “don’t leave for tomorrow what can be done today and guard your assets carefully”. Translate this into a business context, and you can expect people to be especially vigilant when making business decisions.
Other background info that’s good to know
People born in the year of the sheep or goat are thought to be mild-mannered, gentle or even shy individuals who are stable, amicable and sympathetic with a strong sense of justice and kindheartedness.
Given the esoteric nature of astrological information, don’t go overboard trying to impress your suppliers with your zodiac knowledge because information sources do tend to conflict with one another.
One more point worth knowing is that, in spite of the apparently amicable characteristics of those born in goat or sheep years, multiple newspapers published coverage about how many Chinese families were avoiding becoming pregnant this year as babies born during the year of the sheep are thought to be less happy. If you know one of your suppliers has a new addition to the family due, it may be best not to talk about it, just in case.
The key takeaway
Ultimately, the key takeaway is that people will be especially vigilant when protecting assets this year. When involving yourself in business discussions, make sure you do it in such a way so as to communicate your mutual concern and appreciation for any time and/or money investment on the part of your suppliers and business partners. Oh, and it’s best to wait until early March before trying to close any major deals as the holiday can be celebrated for up to two weeks.