Lunar New Year is celebrated across all of Asia, although dates vary by country. The most well-known Lunar New Year is the one celebrated by China, Hong Kong and Taiwan. The start of the Chinese New Year usually takes place sometime in late January, early February. This year, January 29th marks the first day of the Year of the Dog.
There are a number of different beliefs as to how Lunar New year started, but one of the more colorful Chinese legends involves a beast with an enormous mouth that could swallow people whole. This beast, named Nian, terrified people until an old man (an immortal god in disguise) tamed it, riding Nian into the sunset. Before the old man left, he suggested that people hang red paper decorations on their windows and doors at each year's end. The color red was the color the beast feared most - and thus it would scare Nian, if the beast ever came back.
And so the tradition of Guo Nian started. Guo, which means "to pass" or "to observe," and Nian, which means "year," was once used to mean "survive the (beast) Nian" but is now used to "celebrate the (New) Year."
Although Lunar New Year is celebrated differently across Asia, common themes are family togetherness and food - lots of it. Cleaning house and red envelopes of money, or hong bao, are also popular.
In particular, the Chinese believe New Year festivities, which last for 15 days, is a time for renewal, family reunion, eating rich foods and paying respects to ancestors and elders. In addition, the Chinese believe that what you do and how you act during this period will determine what kind of year you have.
So that means:
Clean your house thoroughly to sweep away misfortune and make way for good luck and fortune in the coming year. Decorate your home with paper cutouts of the words "happiness," "wealth" and "longevity." Serve jiaozi, or boiled dumplings. Jiaozi, which literally translates to "sleep together and have sons," is considered a traditional good wish greeting for a family. Serve a whole fish. The Chinese word for fish, oryu, sounds like the word for "plenty" and offers wishes for abundance and riches. Give hong bao, or red envelopes of money. It is customary for the married to give to the unmarried, and the more senior to give to the more junior. Wish everyone Xin Nian Kuai Le ("Happy New Year") or Gong Xi Fa Cai ("May Prosperity Be with You").