Lunar New Year 2021: What does the ox symbolize, and how will it be celebrated during COVID-19 pandemic? Elinor Aspegren and Erin Jensen, USA TODAY What is Lunar New Year and how is it celebrated? Replay Video Say goodbye to the Year of the Rat and hello to the Year of the Ox. Lunar New Year – also known as the Chinese New Year or Spring Festival – began Friday, ushering in the second animal on the Zodiac with the second new moon after the winter solstice. Though the occasion is meant to be spent with family and friends, the coronavirus pandemic means that celebrations around the world – from the United States to Britain to China – will look different this year for the 1.5 billion people who observe the occasion.