China is a big country, so peak season varies from place to place, but on average spring and fall are the most temperate months with weather in the 70s. These are busy leisure and corporate travel periods, so book early as hotels fill up fast. Chinese New Year, which occurs on January 26th in 2009 (February 14th in 2010) also draws multitudes of visitors.
Avoid the off season: summer is blisteringly hot and dry (90-degree weather is common), while winter, with its icy, 33-degree temperatures and bitter winds, is equally visitor-unfriendly.
The transition from winter to spring is short, but March, though still chilly in the 50s and 60s, usually yields sunny, clear days and is a good time to capitalize on bargains and fewer tourists.