Asia welcomes a New Year
February 15, 1999
Web posted at: 1:28 p.m. EST (1828 GMT)
(CNN) -- Asia is welcoming a new year. In China, celebrations ushered in the year of the rabbit Tuesday, with earnest hopes for more prosperous times.
The holiday, by far the biggest on the Chinese calendar, prompts a massive migration -- some 370 million people in China travel home to celebrate with relatives. It is usually a time to eat, drink and party with abandon, but the region's economic downturn has caused many people to tighten their belts this season.
Perhaps a hopeful sign: Traditional belief has it that the rabbit brings good luck and fortune.
The Asian New Year is based on a lunar calendar -- year 4697 begins February 16. In Vietnam, the celebration is known as the "Tet Festival." There, it is the year of the cat.
CNN's Marina Kolbe contributed to this report
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