Ya Sui Qian
Ya Sui Qian (压岁钱) means money given to children as a Chinese Lunar New Year gift which is usually put in a red envelope or paper bag (hongbao in Chinese).
Ya Sui Qian literally means "suppressing age money," which is supposed to stop children from getting older. This comes from the belief that everyone becomes one year older on New Year's Day. Red is the lucky color and will bring good luck to the person receiving the present.
Giving Hongbao during the Spring Festival is a tradition in China. A red packet symbolizes luck and wealth. Red packets are typically handed out to younger generations by their parents, grandparents, relatives, close neighbors, and friends, and usually the immediate family gives Hongbao to the children on New Year's Eve. Money given in this way may not be refused and the pretty envelopes add sincerity to the gift.