Get ready to learn Chinese, computer touchers. In all seriousness, this is a very interesting development as China starts looking at leveraging brain drain against the West. What’s really interesting is that K visas don’t need a sponsoring company, you can get the visa, move, then get a job.
I don’t see this as a replacement for the STEM-lords on H-1B’s since I think China will be more stringent on who they let in (high qualifications, higher education level etc.). H-1B’s are more for flooding the market with tech workers in the US to keep wages down and keep middle class labor exploitable. But that is just my speculation.
I don’t think it is any more stringent. You don’t need a company to sponsor you, the education requirements are the same, there isn’t a requirement to find a capable Chinese person, and there isn’t a language requirement. The biggest difference is how many will be available.