It could mean romance for some and market fluctuations for others, and the wood horse deals with fire and energy, International Business Times says.
The Year of the Wooden Horse also means people will stand firm on their values and principles, so negotiations could be harder, according to the Guardian .
The Chinese year is based on the lunar calendar, and the Lunar New Year is usually celebrated for 15 days.
According to the Guardian , the system originated with the Han dynasty, and has 12 animal cycles: rat, ox, tiger, rabbit, dragon, snake, horse, goat, monkey, rooster, dog and pig.
Phoenix's 24th annual Chinese Week Festival kicks off Feb. 7 at Margaret T. Hance Park with dragon dances, music, cultural and historical booths and Chinese cuisine. More information on the Chinese Week Festival can be found at phoenixchineseweek.org.
To celebrate in a small way, check out Google's Chinese New Year doodle on its homepage.