I just know that foreigners can work and live in China. I am special on this. 

The law is still being rewritten, as far as I'm aware, but allegedly it is only going to be for those working in the IT sector who have been working here legally (with a Z visa), for 10 years or more.

I don't know when the law comes into force nor how long after that it will take for the information to trickle down to the relevant sectors, but when it does I imagine your local PSB will be the place to go.

don't know about that but i know one thing.....China did not open the doors for immigration yet.....so i do think that might be hard to do

Here are the technical aspects of it but in all honesty, it is rarely if ever granted.

Resident (D) Visa 

Updated: 19/09/2008

Resident Visa (D Visa) is issued to an alien who comes to reside permanently in China.

Ⅰ.Please submit the following documents for your application:
    1. A valid passport as well as a copy of its information page: Your valid passport must have at least six (6) months of remaining validity with at least one blank visa page in it. 
    2. Application form: One completed Visa Application Form (Q1)
    3. Photo: Photo: one recent photo of 2*2 square inch (black & white or color is acceptable) glued or stapled on the application form.
    4. Residence Approval Certificate issued by the Chinese public security bureau. (The applicant may entrust his or her relatives within China to apply for this certificate with the said authority.)

Ⅱ.How to apply
    1.You may submit the application to the Visa Office of the Embassy or Consulate -General which holds consular jurisdiction over the state where you reside;  
    2.If you cannot come in person, you may entrust someone else or a travel/visa agent to drop off your application at the visa office of the Embassy or Consulate -General which holds consular jurisdiction over the state where you reside.
               ▲No appointment is required.
               ▲Mailed applications are not acceptable and will be returned. 
 Ⅲ.Processing Time
   1.The regular processing time is 4 working days.
   2.Express service: 2-3 working days processing, $20 will be charged per visa.
   3.Same day rush service: additional fee of $30 for 1 working day processing (applications presented before 12:30pm may be picked up between 2:30pm-3:00pm on the same day).

Ⅳ.Visa fees
   1.Please pay by Visa, MasterCard, Money Order, Cashier's Check or Company Check. Cash or Personal checks are not acceptable.
   2.Please make the company check, cashier's check or money order payable to Chinese Embassy..
   3.Fee:$130 for American, and $30 for Citizens of other countries.

Ⅴ.Additional Information
   1.If the visa application form is not filled out completely, correctly and legibly, this can cause a delay in processing or refusal of the requested visa.
   2.D visa is valid for one entry,six months. The holder of a D visa shall go through residential formalities in the local public security department within thirty days of entry into China.
  

To the OP, the "application offer" is not closed but obtaining a "D" visa/permanent resident permit for the PRC is a very, very rare occurrence.  I understand that last year less than 400 "D" visas were granted for the entire country.  It is the same visa application form that you would use for an "L" or "F" visa.  Please check the website of the Chinese Embassy in your respective country of origin for more information.

the approval rate of a green card is over 50%. the majority of the people answering here are shills that do not want foreigners to get too close to China. ever notice how western government websites also try to talk you out of giving up your original citizenship? they want you to be their slave forever. kind of reminds me of the movie lazarus project. as soon as u realise how crooked western governments are, you just run as fast as you can.

you should at least have work in China for 3 years and has certain amount of paid tax, and  have a sponsor in China. 

detail, you can browse your local PSB for it.