Shanghai recently issued 350,000 hongbao, each with CNY55 (USD850) inside, to selected residents for use in over 700 outlets Editor Kim Taylor Follow Yicai Global on Keywords Beijing,Shanghai,Digital Chinese Yuan RELATED China, EU SignThey are called hongbao in Mandarin and lai see in Cantonese The term "red packets" has also come into common use, though hongbao look and function more like envelopes than packets Why Chinese Give Red Envelopes during Chinese New Year Chinese people love the color red, and regard red as the symbol of energy, happiness and good luck The financial hub of Shanghai doled out 350,000 virtual hongbao before the Dragon Boat Festival A student from Donghua University, identified by his surname as Ding, Wechat Hongbao Taxed For First Time Hongbao in chinese