Chinese New Year is an important Chinese festival celebrated at the turn of the Chinese calendar. It is also known as the Spring Festival, the literal translation of the modern Chinese name. Chinese New Year is based on the lunar calendar.Celebrations traditionally run from the eve to the Lantern Festival on the 15th day of the first lunar calendar month, making it one of the longest celebrated festivals. The first day of the New Year falls between 21 January and 20 February.