The Chinese New Year is often referred to as the "Lunar New Year" since the dates follow a lunisolar calendar. The first day is for the welcoming of the deities of the heavens and earth, officially beginning at midnight. It is a traditional practice to light fireworks, burn bamboo sticks and firecrackers and to make as much of a din as possible to chase off the evil spirits.
Some families may invite a Lion troupe as a symbolic ritual to usher in the Chinese New Year as well as to evict bad spirits from the premises. Members of the family who are married also give red packets containing cash known aslai see or angpow, a form of blessings and to suppress the aging and challenges associated with the coming year, to junior members of the family, mostly children and teenagers. Business managers also give bonuses through red packets to employees for good luck, smooth-sailing, good health and wealth.
Wishing you prosperity and good health and good luck!