Why do Chinese celebrate Chinese New Year?

Chinese people have Chinese New Year because of the story of the Nian monster. The monster Nian would come in and eat every person in the village. One day, a wise old man came to the village. He told everyone to set off firecrackers, wear red, bang drums, and clean house. The loud noises and everyone being awake should scare away the Nian monster. It did, and so everyone celebrated it since. Chinese New Year is sort of like a Christmas for us, or Hanukkah. It is their big holiday. Feedback please!