Chinese Terminology: Yellow Bull Party

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Buy low, sell high. If you want to get tickets for a show that's sold out, scalpers may be your only choice.

Fast cash and hot tickets are synonymous with the group known as the “yellow bull party.” Although the name sounds like a mysterious underground organization, it actually refers to a group of scalpers in China. The name conjures up a chaotic scene of people grabbing goods and tickets, as though they're at a bullfight.

Shortly after China started its reform and opening-up course, the country adopted a dual-track pricing system during its economic transition.

At that time, some goods were still rare. Under this system, companies that hit their production quotas could sell their surplus goods at market prices. And many tried to secure profits by purchasing a product at a lower price before selling it higher.

This old phenomenon has disappeared. But scalpers today are selling new things – train tickets during the Spring Festival travel rush, concert tickets, and even hospital appointments. Although the government has rolled out measures to clamp down on these activities, a few members of the “yellow bull party” can still be found outside busy stadiums or train stations.

The CGTN series “Chinese Terminology” was launched on November 26 to mark the 40-year anniversary of China's reform and opening-up program. The series, hosted by Jeff Moody and Jonathan Betz, airs daily at 12:00, 16:00 and 20:15 BJT. Click on the link to find out more...

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