Lunar New Year is a time for celebration, but it’s also a chance to help boost spending all over China. CNN interviews Beijing festival-goers about their hopes and fears for what the Year of the Snake could bring for the country’s beleaguered economy.

Firecrackers, parades and prayers marked the Lunar New Year as millions around Asia and farther afield celebrated

Lunar New Year festivals and prayers marked the start of the Year of the Snake around Asia and farther afield on Wednesday.

Communities across the world begin celebrating Lunar New Year on Jan. 29 — and 2025 marks the Year of the Snake.

The first new moon of the lunar calendar officially ushered in the new year in many cultures Wednesday, marking the imminent arrival of spring and the first day of the Year of the Snake, which symbolizes good luck, rebirth and regality.

China’s Lunar New Year travel rush has kicked into high gear, with billions of trips expected in coming days for the peak of the 40-day annual mass migration.

Lunar New Year is one of the biggest celebrations of the year for those of Asian heritage, involving family gatherings, lion dances, fireworks and for children, the exchange of red envelopes stuffed with cash.

Millions of people across Asia and the world are welcoming the Lunar New Year which coincides with the first new moon of the lunar calendar. Widely considered to be the most important event in the year for many in Asia and some Asian communities worldwide, the Lunar New Year represents a fresh start for those who celebrate.

Among China’s traditional holidays and celebrations, none ranks higher in importance than the Lunar New Year (農曆新年). Also known as the Spring Festival (春節), or simply Chinese New Year, it marks the beginning of the year according to the traditional lunar calendar.

From public parades to traditional dances, here's how countries around the world are celebrating the Year of the Snake.

From Beijing to Hanoi and Moscow, the holiday — known as the Spring Festival in China, Tet in Vietnam and Seollal in Korea — is a major festival celebrated by diaspora communities around the world. Wednesday marks the start of the Year of the Snake, one of 12 animals in the Chinese zodiac.

Asian American communities around the U.S. and around the world are ringing in the Year of the Snake Wednesday, including in New York City. The Lunar New Year, also known as the Chinese New Year or Spring Festival,