UPDATE (7/17/2010):  Below is my post about the China UFO that’s been in the news. The video in the post is now known to *not* be of the July 7 China UFO.  The story got conflated in some news sources and picked up by bloggers (me included). Thanks to readers for the correction!  Here some links provided by one reader:

Here’s the People’s Daily July 6 report on the missile.
http://english.peopledaily.com.cn/90001/90782/7054799.html

This is the Daily Mail article that I suspect started the conflation of the two reports.
http://www.dailymail.co.uk/sciencetech/article-1293395/UFO-China-closes-Xiaoshan-Airport-spotted-flying-city.html

Kento Mori has an explanation of some of the images and correctly identifies the source of the missile video.
http://forgetomori.com/2010/ufos/ufo-over-hangzhou-china-a-long-expos/

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This UFO in China has been big news since it was sighted on July7, when it forced Xiaoshan Airport in Hangzhou, China, to cease operations.  The still photos at the above news report make this appear more spectacular than the video. Why?  The stills simply show something that isn’t a conventional plane beaming a light to the ground. But the video (below) clearly shows that the craft is *burning* something to be propelled. Last time I checked, internal combustion engines were not sufficient for deep space travel. I doubt very much if this is therefore anything alien.  More likely some sort of military or experimental craft.