People across China, Hong Kong and Taiwan rang in the lunar new year with fireworks and lots of fanfare. 

The arrival of the new year, the Year of the Horse, was marked by lighting incense at the Wong Tai Sin Temple before 11 p.m. Thursday to make their new year's wishes at what is believed to be the most auspicious moment. According to Chinese tradition, 11 p.m. on the eve of the lunar new year is the best moment to pray and put incense sticks in the temple in the hopes of ushering in a year of good fortune. 

The Telegraph reports that the crowd at the Wong Tai Sin Temple shared hopes for progress for Hong Kong's economy, as well as a year of good physical health. 

While there was a great deal of celebration, air pollution concerns and an anti-extravagance campaign led to a reduction in the traditional noisy new year's displays. 

Regardless, fire crackers and fireworks were released from Beijing's Bell Tower, a building from 1272 that stands in the heart of the Kublai Kahn capital. 

The Year of the Horse is one of the 12-year-cycle of animals that make up the Chinese zodiac. The animals interact with five elements: metal, fire, wood, water and earth. 2014 is the year of the wood horse, which is succeeding the year of the water snake. According to some astrologers, it will be a year of conflict, as they see the wood as providing fuel for the energetic horse. The latter half of the year is also the year of yin fire. 

Feng Shui practitioner Raymond Lo told Reuters, "The upcoming Horse year is also a 'yang wood' year, when people will stick more to their principles and stand firm. So it is hard to negotiate or compromise as there are more tendencies for people to fight for their ideals."

Astrologers also believe that businesses involving fire or wood will do well, which includes lumber, agriculture and media companies. 

According to Lynn Yap, Singapore's Feng Shui Queen, property companies will not do well, but metals and waters will do badly. 

Chinese astrologer and Sydney Feng Shui master Lok Tin said that countries in the Southern Hemisphere could experience erupting volcanoes because "the fire energies are so strong."

Astrologers believe that those who are horses should "lie low," as the coming year will herald in some tense situations.