Chinese New Year TV galas axed amid frugality push

Chinese New Year TV galas axed amid frugality push

Xinhua

2014-01-17

China has cut three out of four widely watched Spring Festival galas sponsored by ministries and state media, as the ruling party has stepped up efforts to cut pomp and fight corruption.The three galas to be hosted by the ministries of public security, culture, and civil affairs respectively have been canceled, leaving only the Spring Festival Gala of China Central Television (CCTV) to be aired during the upcoming Chinese Lunar New Year, a source from the Ministry of Culture confirmed on Thursday.

The move came amid a broad campaign launched by the Communist Party of China to cut extravagance and reduce red tape after the election of a new CPC leadership in November 2012.

The CPC launched campaigns to reduce waste and promote frugality as well as ban CPC officials from pomp, ceremony and bureaucratic visits and meetings.

In August 2013, the Publicity Department of the CPC Central Committee, along with another four government organs, issued a circular requiring fewer galas to be held and promoting frugality in galas.

The State General Administration of Press, Publication, Radio, Film and Television has required that copycat galas on regional TV stations over the upcoming Spring Festival, which falls on Jan. 31 this year, should not exceed three per evening.

The CCTV has called off 17 gala programs since the Middle Autumn Day, which fell on Sept. 19 last year, accounting for half of the broadcaster’s gala programs, the China Youth Daily reported on Thursday.

“Excessive use of stage lighting, sound effects and decorations will be banned, fewer celebrities will be hired and more grassroots people will come to the stage,” the newspaper quoted the state broadcaster as saying.

The CCTV gala, which lasts more than four hours and features music, dance, skits and crosstalk comedy, has become an annual fixture for millions of Chinese worldwide on the eve of Chinese New Year since the early 1980s.

However, its popularity has declined in recent years as internet users have scorned the gala as rigid, outdated, and lacking a grassroots foundation.

This year, the state broadcaster has employed well-known film director Feng Xiaogang as the general director of the gala and well-known comedian Zhao Benshan as deputy general director in charge of the gala’s comedy programming.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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