The government in China is relaxing their ban on imported video games and consoles, allowing Microsoft and Sony to swoop in with their products. Microsoft will be bringing Xbox to China in September and Sony plans to bring PlayStation there soon also. An official date for PlayStation has not yet been announced.
Sony will be collaborating with a local company, Shanghai Oriental Pearl Culture Development (OPCD) to bring PlayStation to China. The collaboration will form two companies: the first will manage manufacturing and sell the hardware and the second will manage the services, sales, licensing and distribution of the software. It'll be called "Shanghai Oriental Pearl Sony Computer Entertainment Culture Development." They really like long names over there, so let's call this one OPCD-Sony for short.
OPCD-Sony will only be producing games in line with China's strict cultural standards. Their announcement stated they "will introduce quality, healthy games that are suitable to China's national conditions and the preferences of domestic players, as according to the relevant government policies."
This means the games available for PlayStation will be censored, but after a thirteen-year ban on the stand-alone consoles, gamers will be happy to get even a watered down version of Sony games.