Lunar New Year 2012: Year of the Dragon Thousands of people visit a lantern festival to celebrate Chinese New Year, in Shanghai, China, Jan. 23, 2012. Falling on January 23 this year, the Chinese Lunar New Year, also known as the Spring Festival, which is based on the Lunisolar Chinese calendar, is celebrated from the first day of the first month of the lunar year and ends with Lantern Festival on the Fifteenth day. Peter Parks/AFP/Getty Images