There are a number of distinct uses for the paper cut outs in Chinese culture, almost all of which are for health, prosperity or decorative purposes. Where it is different compared to other cultural style is the extensive use of red. Also it has a heavy emphasis on single or a few Chinese characters often symbolizing the festivity. This paper cutting symbol is SPRING, in chinese 春 and when it is inverted, it means春倒 which has the similar sounding as 'arrived' pronounced in pinyin 'chūn dào'
If you want to learnt more about the Chinese New Year or Spring Festival, click here for more.