The Lunar New Year is the most important holiday in China and many other Asian countries. Celebrations will last until mid-February.

Large crowds watched dancers and drummers in London on Sunday to celebrate the Chinese Lunar New Year. The holiday - known as the Spring Festival in China, Tet in Vietnam and Seollal in Korea - is a major festival celebrated in several Asian countries.

Many people around the world are welcoming the new year with the start of the Lunar New Year. Lunar New Year, often called the Spring Festival or Chinese New Year, is the most important holiday in China and many other Asian communities.

Among China’s traditional holidays and celebrations, none ranks higher in importance than the Lunar New Year (農曆新年). Also known as the Spring Festival (春節), or simply Chinese New Year, it marks the beginning of the year according to the traditional lunar calendar.

Big Chinese Lunar New Year celebrations took place in Chinatown on Wednesday. FOX 5 NY's Meredith Gorman takes us to the 27th annual firecracker ceremony and cultural festival.