Chinese New Year Day falls on Jan. 23. Jan. 23 is a new moon day, and is the first day of the first Chinese lunar month in the Chinese Lunar Calendar system. The exact new moon time is at 15:40 on 23-Jan-12 in China's time zone.
The Year 2012 is the 4709th Chinese year. The Chinese believe that the first king of China was the Yellow King (he was not the first emperor of China). The Yellow King became king in 2697 B.C., therefore China will enter the 4709th year on January 23, 2012. Also, the Chinese Year uses the cycle of 60 Stem-Branch counting systems and the Black Water Dragon is the 28th Stem-Branch in the cycle. Since (60 *78) + 29 = 4709, therefore 2012 is the Water Dragon year, which is the 4709th Chinese Year.
In China's time zone, the first day of the Water Dragon Year is February 4, 2012, because February 4th, 2012 is the first day of Tiger month and the Tiger month is the first month of the year in Chinese Fortune-Telling Calendar system.
In the Chinese Fortune-Telling calendar, the first day of the first month, Tiger month, is called "Start of Spring", which is when the sun enters the 315th degree on the tropical zodiac. In the China's time zone, the time of the Start of Spring is at Feb-04 18:23. So the first day of the Black Dragon year 2012 is on 04-Feb-12.
Source: http://www.chinesefortunecalendar.com
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