Shanghai Diary: The Chinese Squat

Whenever I walk down the street and see someone doing the "Chinese Squat", I sing this little line which is a bastardization of "Intergalactic" by The Beastie Boys.

I am known to do the wop
Also known for the Flintstone Flop
People here do the Chinese squat
Beat-see Boys known to let the beat
"MMM, D-r-r-rop!"

What is the "Chinese Squat"?