It is distinguished by rapid development on the side, rather than making a corner enclosure, inviting White to start an invasion.
It has a fairly long history, originally used by Japanese player Hajime Yasunaga, and introduced to Chinese Go at a later stage, but the Chinese player Chen Zude pioneered it in top-level play.
[1] The Chinese style became very popular in Japan from about 1970 onwards, and has by Go standards a thoroughly-researched theory.
It has two variants: high (with 5 in the diagram on the fourth line) and low (as depicted).
There is also a so-called "mini"-Chinese fuseki, an attack against the opponent's corner and placement of a stone midway between the attacking stone and a friendly corner.