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from Wikipedia
Chinese New Year is the most important of the traditional Chinese holidays being an all East and South-East-Asia celebration. In China it is known as "Spring Festival," the literal translation of the Chinese name 春节 (Pinyin: Chūn Jié), owing to the difference between Western and traditional Chinese methods for computing the seasons. It marks the end of the winter season, analogous to the Western carnival.
The festival begins on the first day of the first month (Chinese: 正月; pinyin: Zhēng Yuè) in the traditional Chinese calendar and ends with Lantern Festival which is on the 15th day. Chinese New Year's Eve, a day where Chinese families gather for their annual reunion dinner, is known as Chú Xī (除夕) or "Eve of the Passing Year." Because the Chinese calendar is lunisolar, the Chinese New Year is often referred to as the "Lunar New Year".
2012 is the Year of the Dragon.
