This is an odd one and as with most youtube videos there's the bare minimum of information available, it doesn't help it's in a foreign language to me.
The video's from Sina News, haven't had any luck finding it on there and the description says it was filmed in LuoYang, China. The video shows a big orb type thing drop down into shot and looks to do some frenzied movements, I guess the zoomed in view distorts what we may be looking at a little, but other than that who knows. One of the comments left on youtube suggests that it may be a plastic bag floating around.
Looks kind of cool though, American Beauty styles.
UFO in LuoYang, China
Yeah, I believe it's a plastic bag also.
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