The symbol of the dragon is the most powerful sign in the Chinese zodiac, being highly revered and associated with power and wisdom.
It appears once every 12 years and is considered to be very lucky.
"This is a water dragon, and that pertains to more calm, basically things calming down after heating up," said CNN's Stan Grant. "What they'll be looking for is economic news, China is going into a bit of a slowdown right now, the GDP is coming off a little."
Although it's commonly called "Chinese New Year", the lunar new year is also celebrated by Koreans and the Vietnamese.
Below are some Chinese New Year events in the GTA:
•CIBC Lunarfest
•Chinese New Year celebration - Scarborough Civic Centre (Jan. 29, 2-4 p.m.)
•Chinatown Foodies Walk - Hosted by Shirley Lum (Jan. 23, 29 & 30; Feb. 5, 6, 12-14; 10 a.m.-1:30 p.m.)
•Chinese New Year celebration - Chinese Cultural Centre, Scarborough (Jan. 22, noon-3 p.m.)
•Year of the Dragon banquet - Chinese Cultural Centre (Jan. 29, dinner at 7 p.m.)
•Year of the Dragon events at Pacific Mall - New Year's Eve countdown (Jan. 22, 10:30 p.m.), New Year's Day (Jan. 23, 3 p.m.) and lion dance performances (Jan. 28, 12:30 p.m.)
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