Thorsten Holz, one of the founders of the German Honeynet Project and a Ph.D. student at the Laboratory for Dependable Distributed Systems, together with the researchers from the Chinese Honeynet Project, examined the extend of malicious websites and the underground black market which is used to trade exploits, malware, and stolen virtual goods on the Chinese web.

They share the lessons learned as a technical report, available as PDF [18 pages; 465KB]:

Studying Malicious Websites and the Underground Economy on the Chinese Web