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1.
If you literally translate "Gong Xi Fa Chai", it would mean "wishing you enlarge your wealth."

Gong Xi: means wishing/blessing

Fa: means enlarge(ment)

Chai: means wealth

So a literal translation is that you wish someone will become very rich, but the phrase is generally used as Happy New Year.
Gong Xi Fa Chai everyone!
by chowman February 20, 2007
 
2.
Happy New Year (Chinese)
Homey, Gong Xi Fa Chai!
by Kirk Thompson January 12, 2004