Red Packets
Giving Hongbao （red packets or red envelopes）during the Chinese New Year is another tradition.
A red packet is simply a red envelope with gift money in it，which
symbolizes luck and wealth. Red packets are symbolically handed out to
younger generations by their parents，grandparents，relatives，close
neighbors and friends，and usually the immediate family gives Hongbao to
the children on New Year's Eve. Money given in this way may not be
refused and the pretty envelopes make the present seem more amiability
and sincere.
The money is also called Ya Sui Qian，meaning
"suppressing age money"，which is supposed to stop children from getting
older. This comes from the belief that everyone becomes one year older
on New Year's Day. Red is the lucky color and will bring good luck to
the person receiving the present