As I said, I do feel for them having to put up with censorship in all of the films that are released in their country. But as far as cuts for violence go, this edit seems pretty standard.
At least you get to see some blood burst from Oram before the alien comes out. You get the idea of what's happening. And you see enough of the alien to get that it's present in each scene.
I just got the impression from the reports that the alien was strictly removed for no reason and the whole film wouldn't make sense, that the edits went way beyond cutting for violence, and I don't think that's the really case here. The editing and pacing aren't quite as masterful in this edit, but I think it's still a watchable film that Chinese audiences shouldn't be deterred from seeing in the theater.
Then if they enjoy it enough to want to see it at home, they should buy a foreign blu-ray or bootleg a foreign cut and be treated to a little extra footage.