Global Traditions. Global Trade. Chicago at the Center.

Hundreds of millions of people around the world celebrate Lunar New Year — observed across China, Vietnam, South Korea, Singapore, Malaysia, Indonesia, the Philippines, Thailand, Mongolia, and beyond.

While traditions vary, the themes are universal: renewal, prosperity, and optimism for the year ahead.

For a global city like Chicago, Lunar New Year is a reminder that culture and commerce move together — and that Chicagoland’s economy is deeply connected to the global markets and communities that mark this holiday.

This week’s Business Pulse takes inspiration from Lunar New Year to highlight a defining priority of Chicago 2050: deepening global connections to power long-term economic growth.

Download Chicago 2050 | A Plan for Economic Growth & Jobs.

See content credentials

Lunar New Year in Chicago: Culture, Community, Commerce

Across Chicagoland, Lunar New Year celebrations bring neighborhoods to life.

In late January, families gathered at the Buffalo Grove Community Arts Center for a Lunar New Year celebration filled with live entertainment, hands-on crafts, and festive activities. This week, Chicago’s celebrations continue: on February 20, Navy Pier will host a full lineup of cultural performances and community engagement; and on February 21, Uptown’s Argyle Street will come alive with traditional programming and neighborhood activations. Looking ahead, March 1 marks the return of Chicago’s iconic Chinatown Lunar New Year Parade, expected to draw tens of thousands of residents and visitors to Wentworth Avenue for lion dances, cultural showcases, and vibrant storefront celebrations. More details below:

• Visit Choose Chicago on LinkedIn; see its Lunar New Year 2026 Celebrations content here.

These celebrations are not only cultural expressions — they are economic engines. Restaurants, retailers, and small businesses experience increased foot traffic, demonstrating how vibrancy fuels neighborhood commerce and reinforces Chicago’s appeal as a global destination.

Cities that attract talent, visitors, and global attention create competitive advantages that translate into business growth.

The Diaspora That Powers Global Connectivity

Chicagoland’s diaspora communities from Lunar New Year–observing countries are both cultural anchors and economic connectors. Foreign-born residents from these nations represent a significant share of the region’s population:

• Philippines: 87,935 residents (5.0% of foreign-born population)
• China: 76,603 residents (4.4%)
• South Korea: 34,994 residents
• Vietnam: 17,901 residents

These communities are made up of entrepreneurs, engineers, executives, healthcare professionals, restaurateurs, investors — and families raising the next generation of Chicagoans. They are building businesses, creating jobs, strengthening neighborhoods, and shaping classrooms and communities across the region. At the same time, they connect Chicagoland directly to some of the world’s fastest-growing markets, helping fuel trade, spark innovation, attract investment, and ensure our global ties remain deeply personal as well as economic.

From January through November 2025, Chicagoland recorded tens of billions of dollars in trade with Lunar New Year–observing countries:

• China: $41.9 billion
• Vietnam: $31.4 billion
• Taiwan: $32.6 billion
• Thailand: $15.5 billion
• South Korea: $7.2 billion
• Singapore: $7.6 billion

These figures reinforce Chicago’s role as a gateway — ideally positioned at the crossroads of North American trade of value to Asia’s economic expansion.

ChiForward: Turning Global Ties into Capital

In today’s global economy, success isn’t defined only by what we export — it’s defined by where capital chooses to land.

Trade cycles will fluctuate, particularly amid tariffs and shifting national policy. But enduring growth comes from investment: companies committing capital, building facilities, hiring talent, and embedding themselves in a region’s future. That is the premise behind ChiForward, World Business Chicago’s proactive global capital strategy.

ChiForward is about competing — intentionally — for international investment at a time when other regions are playing defense. It is working to expand Chicago’s consideration in priority global markets, strengthening foreign pipelines, and pitching private and institutional capital for catalytic projects across the city and region. ChiForward positions Chicago as a strategic, long-term partner for global growth.

Strategies In Motion

This month, Raven Duong, Manager of Site Selection on the Business Development Team, is in Vietnam. In collaboration with the AmCham Vietnam HCMC & Danang (American Chamber of Commerce in Vietnam), Raven led information sessions in Ho Chi Minh City and Hanoi with more than 30 companies about Chicago as a launchpad for expansion and North American growth. She reports that several participating companies are now planning visits to Chicago in April for World Business Chicago‘s SelectCHI, ahead of the SelectUSA Investment Summit in Washington, D.C. Learn more about SelectCHI here.

That kind of direct engagement — grounded in trust, cultural fluency, and clear economic value — is how we convert global interest into real investment and long-term partnership.

Partnerships That Sustain the Pipeline

Chicago’s global engagement is reinforced through long-standing partnerships. Consider the Chicago–China Gateway Cities partnership, established in 2013, that connects Chicago with eight major Chinese cities including Beijing, Shanghai, and Chengdu. Since then:

• 16 official Chicago delegations have visited China
• Chinese partner cities have organized annual business delegations to Chicago
• More than 160 Chinese companies now operate across Chicagoland

Chicago Sister Cities International‘s sister-city relationship with Busan, South Korea continues to expand collaboration around workforce development, youth employment, and cultural exchange — strengthening the foundation for future economic ties.

These partnerships reflect one of Chicago 2050’s core insights: long-term competitiveness depends on sustained global relationships.

Culture as Strategy

As Lunar New Year is celebrated across Chicagoland, it serves as a powerful reminder that global cultural engagement and economic growth are inseparable.

• Diaspora communities strengthen neighborhoods.
• Cultural corridors activate commerce.
• Trade relationships support supply chains.
• Delegations open doors to capital.
• Strategic initiatives like those World Business Chicago is advancing will ensure Chicago is considered, and top of mind, when competing for global investment.

Culture is not peripheral to economic growth. It is catalytic.

• Read: Forbes | Chinese New Year 2026, And What Animal You Are.