Origin of New Year

Extracted
The most popular legend surrounding the origin of Chinese New Year, also known as the Spring Festival, revolves around a great beast called Nian. In Mandarin Chinese, nian means year.
On the eve of Lunar New Year, Nian — whose mouth was so huge it could swallow people en masse — would prey on human beings. Everyone was terrified, until one day an elderly man appeared and offered to subdue the monster.
The old man then challenged Nian: I've heard you are very capable, but instead of people, can you swallow other beasts of prey that are more worthy opponents? Rising to the occasion, Nian swallowed man other predators, simultaneously ridding people of dangers to themselves and their livestock.
The old man was then revealed to be a god. Before disappearing, he advised the people to put up red paper decorations on their windows and doors, light torches and set off firecrackers at the end of each year. This would frighten Nian away should he try to return, for he was afraid of the colour red, fire-light and loud noises. With Nian gone and other predators frightened off, people resumed lives of peace.
Nowadays, Chinese hold red to be a colour of happiness and good fortune, while firecrackers are lit to ward off evil spirits.