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A Green Lantern is, as the name attests, a lantern of a greenish hue.
A green lantern is also highly symbolic in China. Aside from being the universal symbol of nature and growth, the Chinese also see green as a symbol of purity, harmony, good health, and prosperity. Using green lanterns is an expression of growth and the wish for peace and good health.
Decorating with green lanterns during the Spring Festival shows you are inviting prosperity, abundance, and tranquility with the coming year.
From Wikipedia and SonofChina.com