The custom of Spring Festival red packet
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 is the lucky color and will bring good luck to the person receiving the present. Red packets are symbolically handed out to younger generations by their parents, grandparents, relatives, close neighbors and friends, and usually the lineal 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 "money for suppressing age", 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.
Starting from the second day, people begin going out to visit friends and relatives, taking with them gifts and Hongbao for the children.