How to get a Chinese Green Card?

What are the requirements a foreigner needs to fulfill in prefer to successfully apply for a Chinese green card?
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The Chinese Green Card is also known as the Chinese Permanent Resident Card. The Chinese Green card was 1st introduced in 2004. By 2016 only 10,000 foreigners have been issued permanent residency in China.
 
It is considered extremely difficult to get a Chinese Green Card. Even though the authorities have officially stated that they are streamlining the application process with the intention of speeding it up, the increase of foreigners who received a green card in 2016 is still far below you would expect for a country like China. It was reported that in 2016 1,576 foreigners were granted Chinese Permanent Residency. 
 
The requirements to apply are pretty straight forward however it is not guaranteed that you will receive the Chinese Green Card even if you submit an application that meets the official requirements.
 
Here are the official requirements:
1) Be a highly skilled foreigner who is involved in key national projects or works in government departments. You must have worked in that position for at least 4 years and show 3 years of tax history.
 
2) For at least 3 consecutive years you must have invested at least the RMB equivalent of $2 Million in developed areas of China; or $1 Million in Central China; or $500,000 in Western China or other poorer and less developed regions.
 
3) People who have made significant contributions to China.
 
4) Any foreigner who married a Chinese Citizen for no less than 5 years.
 
The advantages of having a Chinese Green Card are:
1) You receive the same rights that Chinese citizen hold. For example, buying houses, investment, and education.
 
Several individuals who hold a Chinese Green Card have voiced their displeasure at how many public places ignore the green card and still base all administrative work on the foreign passport. For example, some banks wont allow you to open a bank account with you Permanent Resident Card.
 
Where to apply for your Chinese Green Card:
At the local Public Security Buereau. However, depending on how familiar the PSB is with dealing with foreigners, they may not know what the process is themselves. 
 
How long is your Chinese Green Card Valid?
It is valid for 10 years for adults and 5 years for children/minors.

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