2009 in the Chinese zodiac is the Year of the Ox. The traditional Chinese calendar is lunisolar, and this year's new year date is January 26. (Japan has followed the Gregorian calendar since the Allied occupation).
Since the ox symbolizes prosperity through hard work, many in Asia are expecting a New Year bump in the markets. It would be nice if the bump was sustainable, but with the credit card bubble and fourth quarter results yet to break, it is unlikely in the the near term.
There are hopes that China will help bring the world out of the global downturn, but China's government has made it clear that they are focusing on domestic stimulus. It's quite a daunting task to turn an export reliant economy into a domestic one.
The risk averse ox truly epitomizes the Chinese people. Most Asians dislike any kind of debt. And the dependable ox has a strong stubborn streak. The question is will the government be flexible enough to adjust if their population's response to increased spending falls short?
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