The Chinese lunar calendar differs from the Gregorian one in that it is based on moon cycles. It has something to do with harvests as far as I know. Due to this difference the New Year in China is around mid-February (the date is not fixed) instead of on January 1.
Chinese New Year is marked by several events, such as the ubiquitous Dragon Dance, firecrackers (they are very fun), special banquets, and of course, lai see. In English, basically, parents give lots of money to all us young 'uns. Excellent.
The Chinese calendar also has a lunar cycle, repeating itself over every 12 years. Each year has an animal to represent it. I think 2000 is the Year of the Dragon. Anyways, here are the 12 animals, listed in order.
BTW, we also celebrate the Gregorian New Year. Extra holidays are too good to pass by.