Also known as the Spring Festival, this forty day event runs from New Year’s Eve, the last day of the last month of the Chinese calendar, to the Lantern Festival, which takes place on the 15th day of the first month. Because the Chinese calendar is lunisolar (taking into account moon phases as well as the solar year most Westerners are familiar with), and because this day is recognized as the New Year in other cultures (such as Tibet, Mongolia, and Korea), this day is also known as the Lunar New Year.
Chinese New Year celebrations are among the oldest, largest, and longest events in the world. The vast corpus of traditions, foods, rituals, and other practices it entails varies from region to region and even by individual communities (throughout both China and the world). An article in The Guardian captures the sheer scale of it:
3.6 billion passenger trips (slightly fewer than three trips for every Chinese citizen) will turn China’s roads, airports and train stations into congestion hotspots over the 40-day period, according to government predictions. The annual Chunyun, or “spring festival transport”, is the largest human migration in the world. Major cities empty, sleepy villages spring to life, and traffic jams on major roads stretch for miles.
In the context of a globalized economy, the impact of this event will be as wide reaching as ever, with factories shutting down, supply chains subsequently disrupted, and product markets booming in response to holiday related spending by hundreds of millions of Chinese.