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喫喝玩樂及時行樂 is just about the closest proverb to match the western idea of “Eat, drink, and be merry.”
This is a Chinese proverb that more literally means “Eat, drink, play, be merry, enjoy everything as long as you can.”
It's basically a suggestion that you try to enjoy everything in life, as long as you live, or as long as you are able.