This was the Chinese New Year story that I heard when I was a kid:
Long ago in China, over 3000 years, many farmers lived in China, and they worked very hard all year long in the fields. At the end of the winter, the people were worried because a beast that called “Nian” would come to the village the night before New Year. The Nian （年）was very mean, and he would eat any person he could catch. This frightened all the villagers, so they got together to discuss how to get rid of Nian. One man said, "We might chase away Nian if we dressed in red.” Another man said, "We should light firecrackers, and the noise and lights will frighten Nian." Another man said, "We should hang red lanterns that will scare Nian away.” Finally, a young man suggested, "We should play the gong and drums, and the music will scare Nian away."
After the meeting, the villagers stayed at home and prepared for Nian to return. It was the night before New Year, and all the villagers wore red and hung lanterns. They hung firecrackers outside the houses and had the drums and gongs ready. As midnight approached, Nian came closer and closer, the villagers were getting frightened. Some even held their breath.
When Nian finally reached one of the houses and was trying to open the door, the villagers lighted the firecrackers and played on their drums and gongs!!!! Nian was so scared that he ran away. The villagers never see Nian again. Ever since that night, the Chinese villagers play the gongs and drum on every New Year and would say "Gongxi, Gongxi, “ which means congratulations; and “Kuo Nian,” that means get rid of Nian.
Excellent video. It will make more sense if you know Chinese characters. The characters come from pictograph.