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Pzazz Business Awards 2008 [Maverick Chen / China.org.cn]

Another day, another business award in China. Is there no end to these glitzy ceremonies sponsored by financial magazines on the make? Yesterday's five star show at the Park Hyatt hotel in Beijing's World Trade Center tried to stand out from the crowd by dishing out prizes not for profitability but for Pzazz.

Sponsored by new kid on the block business magazine China Business News Weekly (CBN), the "Pzazz Business Awards 2008" awards aimed to identify businesses that have that extra something; call it style, cool, the X-factor, or maybe just old-fashioned Pzazz. Actually the Chinese word they used is 炫, pronounced ‘xuan‘.

CBN said it junked traditional standards like market value, profitability and brand recognition as criteria for ranking businesses in favor of that indefinable something, because it is an increasingly important factor influencing consumer choice.

"Having Pzazz is productive and competitive," CBN Executive Editor Yi Xianfeng said, "Businesses that have that extra something innovate and set new trends."

CBN's chief editors deliver conclusion speech at the awards [Maverick Chen / China.org.cn]

It may stretch one's powers of imagination that Tetra Pak, Swedish manufacturer of annoying milk cartons that discharge their contents on the kitchen table, won a Pzazz award in the Lifestyle category. Shopping mall Joy City and online store Taobao shared the Lifestyle award.

Nokia has been seen as lagging in the smart phone market and will be pleased that their new E71 model won an award for the product with the most Pzazz.

The remaining awards for services, technology, advertising, design, and events were claimed by GE, Party World, Louis Vuitton, the iconic Terminal 3 of Beijing Airport and the Beijing Olympic Opening Ceremony.

Zhou Chengjian, boss of Metersbonwe won an individual award for his Me & City brand. And kung fu star, philanthropist and all-round nice guy Jet Li was honored for setting up the One Foundation.

There was no room for bad news on the red carpet last night. The global crisis may have driven many businesses to the edge of bankruptcy and beyond. "But it also offers a perfect opportunity for enterprises to streamline their operations and rethink their strategy", gushed He Li, CBN's editor-in-chief, "and following the Pzazz standard will facilitate your business."

For those still unclear as to what the evening was all about, the organizers explained that Pzazz means warmth, determination, charisma, and innovation, not to mention running an environmentally friendly operation, respecting the law, and practicing corporate social responsibility.

(China.org.cn by Maverick Chen, February 26, 2009)