Pronounced nián huì kǒng jù zhèng, this literally means "annual party phobia." It refers to anxiety caused by the approach of the annual company party and its mandatory performances, which force a company's workers to squeeze time into their schedules for rehearsals, only to embarrass themselves on stage.*
As 2011 comes to an end, many companies have already started their routine annual agenda of organizing parties as a means to bring staff members together. Though some workers feel anxious about it, others are passionate about making preparations – they say there is nothing to worry about, since it is all for fun.
Let's put it into context:
Allen: Hey Phil, why the long face?
Phil: Oh, I'm stressed about the annual party. You know, I'm an intern at the company, so my boss said I should be active in our department's performance. But...
Allen: I see, you are feeling nián huì kǒng jù zhèng. Come on, Phil, don't be nervous. Performing in front of your colleagues is not embarrassing.
Phil: I know, but I feel shy about it. What can I do?
Allen: You can start by rehearsing in front of me.
* http://www.globaltimes.cn/NEWS/tabid/99/ID/688461/categoryId/146/Slanguage-corner.aspx