The common ways of saying Happy New Year are:
Xin Nian Kuai Le (Mandarin) or Gong Xi Fa Cai (Mandarin) and Gong Hey Fat Choy (Cantonese).
Here is an explanation:
Xin Nian is New Year. Xin is new and Nian is year.
Kuai Le is happiness, joy, pleasure, delight, or rejoicings.
So "Happy New Year" in English is "New Year Happy" in Chinese: Xin Nian Kuai Le.
Gong Xi is congratulations or respectfully wishing one joy.
Fa Cai is to become rich or to make money.
Thus, Gong Xi Fa Cai means wishing you to be prosperous in the coming year.
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