Such a capability could potentially allow China to execute a nuclear strike on any target on earth with near-impunity and very little warning.
A report from Financial Times' Demetri Sevastopulo and Kathrin Hille states that China has tested a nuclear-capable hypersonic glide vehicle that goes into space and traverses the globe in an orbital-like fashion before making its run through the atmosphere toward its target. There would be huge implications if such a system were to be operationalized, and according to this story, which says it talked to five officials confirming the test, the U.S. government was caught totally off-guard by it.
The trial flight is said to have occurred around August, with the boost-glide vehicle being lifted into space by a Long March 2C rocket. The launch of the rocket, the 77th of its kind, was undisclosed by Beijing, while the 76th and 78th were—the latter of which occurred in late August. The Financial Times says that the tested hypersonic glide vehicle missed its target by a couple of dozen miles, but that is hardly reassuring considering the capabilities that are apparently in development here.