Located in Fushun, it's called the "Ring of Life". According to Reuters (via The Atlantic), the structure is 157 meters tall, is built using 3,000 tons of steel (not Naqahdah, sorry!), and costs US$16 million.
Japanese site China Explosion reports that there were even initial plans to allow bungee jumping off the ring, but those were shelved over safety concerns.
Online in China, the Ring of Life seems to be a source of amusement, leading to a rash of Photoshops on China's social networking site Sina Weibo that poke fun at the structure.
And no, it's not actually a functioning Stargate. China's tech might be good, but it's not that good. Yet.