The United States and China announced an agreement on November 10, 2014 whereby visitors to both countries will now be able to apply for 10-year multiple entry visas. Previously visitors to both countries could only apply for visas for up to one year. This was especially burdensome to frequent business travels.
The agreement also now gives students and scholars a 5-year multiple entry visa. The agreement becomes effective on November 12, 2014.
Individuals with existing visas will still be bound by the expirations on those visas, but can apply for a new one.
For more details on the agreement, see the U.S. State Department FAQ’s.