Chinese New Year is the most important of the traditional Chinese holidays. It is sometimes called the Lunar New Year, especially by people outside China. It is an important holiday in East Asia. The festival traditionally begins on the first day of the first lunar month, and in 2008 that would mean today!

According to Wiki:

It is unclear when the beginning of the year was celebrated before the Qin Dynasty. Traditionally, the year was said to have begun with month 1 during the Xia Dynasty, month 12 during the Shang Dynasty, and month 11 during the Zhou Dynasty. However, records show that the Zhou Dynasty began its year with month 1. Intercalary months, used to keep the lunar calendar synchronized with the sun, were added after month 12 during both the Shang Dynasty (according to surviving oracle bones) and the Zhou Dynasty (according to Sima Qian). The first Emperor of China Qin Shi Huang changed the beginning of the year to month 10 in 221 BC, also changing the location of the intercalary month to after month 9. Whether the New Year was celebrated at the beginning of month 10, of month 1, or both is unknown. In 104 BC, Emperor Wu of the Han Dynasty established month 1 as the beginning of the year, where it remains.

Happy Chinese New Year to all those who celebrate it!

Sources: Wiki