This is the story of "nian" or the Chinese New Year story about how chinese villagers in ancient times used the bright colour red and loud sounds of firecrackers to frighten away the monster called "nian". It has been a yearly tradition since.
I've read this story many times and in many versions. This is the first time I am seeing an animated version of the Chinese New Year Story: The Story of Nian.
Great tale for the kids. However the animation may be a little bit scary for very young kids.