Another big tradition is the custom of giving hongbao (hong means red and bao can be translated as packet). And of course, given differences between Chinese languages and dialects the name may sound different - for example angbao in Taiwanese and similarly in Singaporean Hokkien , angpau in Min Nan, spoken in S.E.China around Fujian province and lai see (利市/利是) in Cantonese. Red symbolises good luck
There are similar customs throuout the East Asian cultural zone such as otoshidama of Japan, sae bae don (세뱃돈/歲拜돈) in Korea and lì xì in Vietnam.
Children (and unmarried older relatives - i.e. nephew and nieces, etc) are the main recipients. On new year day children will be lining up to get their hongbao, not too differently to the way western kids expect chrissie presents.
Here a young girl holds up the sort of packet that is used. Red is good luck and expresses the hope that the recipient will have good luck in their lifel
More examples:
A hongbao can also be used to give a tip - an expression of gratitude for a service, or to impress a person important to you. Sometimes they are given to teachers for example, hoping they will remember your child favourably in the class room.
More darkly, they may be used to bribe someone.