Happy New Year! 恭禧发财! Gong Xi Fa Cai! 恭禧發財! It's the Chinese 4708-th New Year of the Rabbit!
The welcoming of the heavenly and earthly deities begins at midnight. No meat is eaten (to ensure longevity), no fires lit, no knives used (it's a bad luck); meals are cooked the day before. People visit the oldest members of their family (such as parents and grandparents). Parents give red envelopes containing cash to their children; businesses give bonuses through red envelopes to employees (for good luck and wealth). Cities organize official fireworks.
On this day, the Chinese pray to their ancestors as well as to all the gods. Businesses pray for blessings of good luck and prosperity for the year. Married daughters visit their birth parents, because they traditionally may not have frequent opportunities to do so. Also, people are extra kind to all dogs and feed them well as it is believed that the second day is the birthday of all dogs.