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The project is due to be completed in time to support Internet and video conferencing services for international media reporting the APEC Leaders’ Meeting to be held in Shanghai in October 2001. Shanghai, powerhouse of the new Chinese economy, will be able to boast one of the most advanced citywide networks in the world.

On a semi-humorous note, this media video conferencing service didn't go very far during APEC. The Chicoms shut it down twice during the meetings (it was only really operational during the time Bush attended APEC)! Here are some of the headlines during the APEC meetings (from ChiCom Watch's October archive):
China Reimposes Media Internet Blocks (after Bush left).
Beijing shuts popular media Internet forum (befor Bush arrived).
Sorry I couldn't link to them; Yahoo/Reuters/AFP has taken the stories down now. Apparently, they didn't really like the thought of not censoring the press but wanted to cast a good image for President Bush. Then again, they may have also been demonstrating who really had controll of the situation and the media...LOL!

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Thanks to one of Black Jade's posts, here is a link to one of the articles (I should've seared FR for them first...duh):
Beijing shuts popular media NET forum