The Chinese New Year day is on February 7th, 2008. This day is a new moon day, it is the first day of the first Chinese lunar month in the Chinese Lunar Calendar system. The exact new moon time is at 11:44 on 07-Feb-08 in China time zone.
If we apply Chinese lunar calendar system on the USA time zones, we find something interesting here. In the US Pacific Standard Time (PST), the new moon time is at 19:44 of 2-06-08. In the US Eastern Standard Time (EST), the new moon time is at 21:44 of 2-06-08. Therefore, the Chinese New Year day for USA time zones is on February 6th, 2008.
The new moon time is at 03:44 on 2-07-08 of Greenwich Mean Time (GMT) and at 04:44 on 2-07-08 of Time Zone GMT+1. That means Chinese New Year day is on February 7th, 2008 for European countries.
The Year 2008 (Brown Rat) is the 4705th Chinese year. The Chinese believe that the first king of China was the Yellow King (he was not the first emperor of China). The Yellow King became king in 2697 B.C., therefore China will enter the 4705th year on February 4th, 2008. Also, the Chinese Year uses the cycle of 60 Stem-Branch counting systems and the Brown Rat is the 25th Stem-Branch in the cycle. Since 4705 = (60 *78) + 25, therefore this Brown Rat Year is the 4705th Chinese Year.
Some web sites say the year 2008 is the 4706th Chinese year. If you cannot find the explanation, here is a possible answer for you: The Yellow King's inauguration was held in the spring of 2697 B.C. But the day that was used as the first day of the year was the winter solstice, which was around December 23rd, 2698 B.C. Today's January 1st meant nothing to the Yellow King. If we count that extra eight days in 2698 B.C., then year 2008 is the 4706th Chinese year.