The People's Repubic of China adopts a Calendar fiscal year, beginning January 1st and ending December 31st.
This marks a contrast from the lunar calendar which still plays a prominent role in folk and ceremonial life in China.
On the Chinese "Lunar" Calendar:
According to legend, the Chinese calendar developed during the third millennium BC. It is said to have been invented by the first legendary ruler, Huang Di or the Yellow Emperor, who reigned, by tradition, c.2698-2599 BC. The fourth legendary ruler, Emperor Yao, added the intercalary month. The 60-year "stem-branch" (ganzhi) cycle was first used to mark years during the first century BC.
Tradition fixes the first year of the first cycle (the epoch) at 2637 BC.
Thus the cycle beginning in 1984 is the 78th. Other opinions fix the first year at 2697 BC (while Huangdi was still immature), by which count we are now in cycle 79.
