In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of March 24-28, 2014.
The past few years have seen Hong Kong transform from an oft-lamented cultural wasteland to regional hub for international contemporary art. M+, a new visual arts museum designed by Herzog & de Meuron and part of a government-backed cultural district with an endowment of HK$21.6 billion, is slated to open in 2017. 2012 marked the first year of Hong Kong International Art Fair’s official incorporation into Art Basel, forming Art Basel Hong Kong, the most successful contemporary art fair in Asia.
The 10-day period before China’s upcoming Qingming festival is a prime time for Longjing tea farmers, marking the point when their tea plants start to sprout their prized spring shoots. However, this brief period also means something else for the farmers—scores of wealthy customers lining up to get their hands on premium “pre-Qingming” Longjing tea leaves that are only available this time of the year. However, amid the ongoing anti-corruption campaign in China, tea farmers and vendors now find themselves with massive amounts of premium tea they are unable to sell.
There is already evidence that widespread anger is going to have major impacts on Chinese tourism to Malaysia. Malaysia’s tourism authority has suspended its “Visit Malaysia” campaign as a result of the incident. “The ministry has stopped the promotion tours, especially in China, until the aircraft is found,” said Malaysia Tourism Minister Datuk Seri Mohamed Nazri Aziz. In addition, he stated that Chinese visits to Malaysia have been dropping since the disappearance.
According to the survey results, credit cards rank far above cash as Chinese consumers’ most-preferred payment vehicle in their daily spending routine, and are favored at a much higher rate than among consumers globally. While 77 percent of Chinese consumers chose credit as their ideal payment option, only 22 percent said they would go with cash. Meanwhile, a comparatively smaller 54 percent of global consumers prefer credit.
The company posted dramatically lower growth numbers than last year in its 2013 year-end earnings report today, revealing annual net profit growth of 13.7 percent. This may seem high compared to some lagging luxury growth rates in the midst of China’s slowing economy, but is a massive drop from last year’s 52 percent growth.