For those outside of China, think of Chinese New Year (Spring Festival) as equivalent in terms of business shutdown as Christmas might be in the UK. So things are very very quiet and the only usual activity would be to visit family (government recomdation to highly curtail) and local spring festival celebrations (largely cancelled).
Saturday was New Year's Day, but because it falls on the weekend the public holidays extend to Monday and Tuesday next week. But because of the huge volumes of migrant workers in China, it takes several days for everyone to get back to where they need to be, and for many enterprises next week is a part working week if they don't shut down completely.
The major factor against the Chinese authorities is the number of people displaced and expecting to travel over the next 7 days as the holiday comes to an end in what is usually accepted to the latter half of the largest human migration activity on earth. Are they going to cancel this return back after the holidays? If they do the impact in terms of national and global economic output could be considerable.