Oh wait, I know, it's just another example of the China's building craze, the one that has got them to build entire ghost cities made of thousands of pre-fab buildings.
It's made of an astounding 3,000 tons of steel and it will glow at night—decorated with 12,000 LED lights. According to Fushun Municipal Government's officials, this titanic structure does absolutely nothing except serve as an elevated sighting position. They claim it is pretty "landscape architecture"—like the Eiffel Tower. It uses four elevators to take people to the top.
The Chinese media has been harsh about the building after a blogger posted these photos on Sina Weibo, which is the country's "largest microblog platform." Not surprising, since this thing costs $16 million.
The ciy's defense: "there's not enough people to build entertainment, so we just build something pretty, OK?! ARE WE COOL NOW!". Or something like that. They also claimed that they don't have enough citizens to build other more useful buildings. They have all the hospitals, recreation centers and municipal buildings they need, so they probably decided to blow their excess budget in this thing.
According to Fushun's Urban Construction Bureau, the "Ring of Life" means "a round sky and a path leading to a paradise in heaven." More here.