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Speaking at an Internet forum in Taipei, YouTube's Steve Chen made the announcement that YouTube will launch a Chinese-version of the service in the near future. Since half of YouTube's viewers aren't from the United States, it's logical to translate YouTube to some languages other than English.
Chen also mentioned the company's plans to increase the availability of YouTube in the future by adding access to YouTube in buses and subways.
China is one of the countries that have shown certain reserve towards YouTube and has even threatened to ban the service altogether. A Chinese version of YouTube might also mean a censored version of YouTube, which would probably make Chen&co sleep better, knowing that YouTube won't get banned in the huge market that is China.