The statue is a Transformer robot created based on the character Guan Yu from "The Romance of the Three Kingdom", done by a graduand named Bi Heng (毕横, just his nickname I think) from the Faculty of Sculpture of China Central Academy Of Fine Arts (中央美术学院). The statue is 9.7 meters tall, weights 4 tons, and cost 300,000 Renminbi (about USD $43,936) to build.
It was on display at the college's graduation exhibition and received a lot of attention.
Apart from building the statue, the robot character is an original design of the student as well - a Transformers robot with an old Liberation Era truck as the vehicle mode, and Guan Yu, the famous warrior from "The Romance of the Three Kingdom" as the robot mode.
Here's the video clip introducing this character and its transformation sequence:
Video clip is from V.163 Dotcom. Follow this link to the website if you can't see anything.
Information and images are from Gigazine and PC Games.