Gung Hay Fat Choy is a Chinese New Year greeting that means, "Congratulations and Best wishes" or "Congratulations and Be prosperous", which literally translates from the greeting "Happy new year" more common in the west.
According to short history from Wikipedia, because of cyclical lunar dating, the first day of the year can fall anywhere between late January and the middle of February. On the Chinese calendar, 2011 is Lunar Year 4709. On the Western calendar, the start of the Chinese New Year falls on Thursday, February 3, 2011 — The Year of the Rabbit.
Gung Hay Fat Choy 2011! Chinese New Year is here! Reach out to your loved ones with warm and bright Chinese New Year Greetings, E-Cards - A colorful collection of animated and Flash audio greetings, Spring Festival, and Happy New Year cards like Chinese New Year Rabbits, Light The Lanterns, Chinese Laughing Buddha Special, Chinese New Year Rabbit Game. You can send Gung Hay Fat Choy e-cards and share it Twitter.