What significance Spring Festival's WHS status holds globally?

On December 4, the United Nations Educational, Scientific and Cultural Organization (UNESCO) added "Spring Festival, social practices of the Chinese people in celebration of the traditional New Year" to the Representative List of the Intangible Cultural Heritage of Humanity at the 19th session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage.

Why was China able to apply for the Spring Festival to be recognized as an intangible cultural heritage? What does the successful inscription of the Spring Festival mean for China and the world? Let's check it out.　　

（Reported by Wang Jiayi, Tian Minnna, Wang Shibo; Edited by Tian Minna）