As mentioned on Slashdot, a Singapore ISP and the Chinese Internet management body have worked together to create Chinese domain names, include top level domains (the equivalent of .com and .net) in Chinese.

From the article:

i-DNS.net International Pte. Ltd., the Singapore-based company that pioneered the concept and technology behind multilingual domain names, also known as Internationalised Domain Names (IDN), in an exclusive partnership with CNNIC, the Chinese Internet Agency responsible for Domain Names and with the approval of the Ministry of Information Industry of the People痴 Republic of China (MII, http://www.mii.gov.cn/mii/zcfg%5Cgonggao20021122.html), announces the availability of Internet domains completely in Chinese characters. The domain names are available under the top-level Simplified Chinese character extensions �.公司� (i.e. �.gongsi� which means 田ompany� in Chinese) and/or �.网络� (i.e. �.wangluo� which means 渡etworking�) where the 電ot� character can be typed in either English (ASCII) or Chinese. MII has endorsed these Chinese domain names at the Domain Name Management Policy announcement.

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