The article deals with one of the numerous definitions of the notion “slang”. Difference between neutral and colloquial vocabulary is identified. Slang units of the modern Chinese language are divided on the basis of their functions, and with the help of translation, their semantic peculiarities are shown. The author provides examples of the Chinese slang expressions that perform the cryptolalic function and phrases expressing attitude to a situation. The units used as a means of friendly teasing and cheering, designating by nationality, migrants, foreigners, attitude towards the state are singled out in separate groups. The vividness of the Chinese slang and ambiguity of its use are noted in the work.