Chinese New Year Eve usually is on 30th lunar day of 12th lunar month. However, a lunar month might have only 29 days. In this case, the Chinese New Year Eve becomes on 29th day of 12th lunar month. The next day will be a new moon day, which is the Chinese New Year Day.
In Chinese, Chinese New Year Eve is called Chu-Xi or Guo-Nian . Chu means removal. Xi means night. Guo means passing. Nian means year.
Original meaning of Nian is related to farmer's harvest. Chinese Farmers celebrated their achievement for the past year, appreciated the gracious reward given from the god, and prayed for the same luck for the coming year.
Nobody knows when the legendary story about Nian began. Nian was a ferocious and carnivorous beast. It had lion-type head with elephant-type body. Nian couldn't find the food in the cold winter time, because many animals hibernated in the mountains. It must go down from the mountain to find the livestock. Later, It become a man-eater.
Nian was too strong to kill. Every winter night, people must stay inside the house. Years later, people found Nian was afraid of red, fire and noisy sound. So they cut red-color peach wood hanging on the door, made a campfire in the front of the door. When Nian approached the village, then people put the bamboo into the fire to make cracking sound. They also beat the metal kitchen and farming utensils to make noisy sound to scare Nian away.
People survived, celebrated and said congratulation each other on the next day. People felt like a restarting point after passing the disaster. Then, they called Guo-Nian (passing Nian) as the day before the new starting day.