The Chinese, or Lunar, New Year, which falls on February 1 this year, is celebrated by over 2 billion people — about 20 percent of the world's population. Also known as the Spring New Year, the ancient festival lasts for two weeks and is observed with numerous fun customs and traditions. It is China's biggest holiday. With most businesses closed for at least seven days, hundreds of thousands of city workers head home to enjoy the festivities with their families.