Beginning November 12, 2014, the State Department will issue multiple-entry visas with extended validity period to qualified B category Chinese visitors, as well as Chinese students and exchange visitors and their dependents, who qualify for F, M & J visas. The new validity period may extend up to 10 years for business or tourist visitors and up to 5 years for students and exchange visitors, as well as their dependents. Currently, the validity of these visa categories are limited to a 12-month period.
According the the State Department, there will be no changes with the visa application fees, and that:
We expect that these changes in visa validity will be very popular among Chinese travelers. The U.S. Mission in China is taking steps to handle a potential increase in visa workload and intends to keep visa processing times as short as they have been over the past several years.