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Normally, the Chinese new year was said to start from the year
end religious ceremony during the Shang Dynasty (1766 BC -
1122 BC).
Some people believe that the Chinese New Year started from
as early as Emperor Yao and Shun (-2300 BC).
Story
According to tails and legends, the beginning of
Chinese New Year started with a fight against a
mythical beast called “Year”. “Year” looks like an ox
with a lion head and it roams the seas. “Year” would
come out on New Year’s Eve and harm people,
animals, and property. Later, people found that
Year feared the color red, fire, and loud sounds.
One day, an old man told the villagers that the demon feared
red, so the villagers hung red signs on their doors, made loud
noises with fireworks, and gave children masks and lanterns
to protect them. The villagers did as told and Nian never
returned again.
Q: Why do Chinese people like red and firecrackers during the New Year?
A: To scare off the monsters
http://www.chinesenewyears.info/chinese-new-year-history.php
https://www.thoughtco.com/history-of-chinese-new-year-687496
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