Chinese New Year, also known as Spring Festival or Lunar New Year, is the grandest festival in China, usually with a 9 days’ holiday. As the most colorful annual event, the traditional CNY celebration lasts longer, up to two weeks, and the climax arrives around the Lunar New Year’s Eve.Chinese New Year, also known as Spring Festival or Lunar New Year, is the grandest festival in China, usually with a 9 days’ holiday. As the most colorful annual event, the traditional CNY celebration lasts longer, up to two weeks, and the climax arrives around the Lunar New Year’s Eve.