Travel, Teach, Live in China
On Chinese new year we give friends and family this red pouch and inside it contains money. We also give these on other occasions.
There are festivals all round the year, they show remembrance and respect of important dates in Chinese culture like climbing to a high point, usually victoria peak, to celebrate how our ancestors got away from evil monsters down in lower land.
Also about burning money, when a deceased relative has died and when we visit their tomb/grave, we burn 'he'll bank notes' which chinese believe that when they burn it the dead will receive this. The notes usually have a high value for the dead like 10000000 .
Also now I've seen in hong kong people burn paper iPad 2s o_O
And some other traditions are lucky numbers 4 being the bad one and colours play a big role.