I have done a little bit of homework just then and hope this would help u guys to overcome the chinese problem
Please follow the steps to make it done.
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I have done a bit of translation on the menu, to make it easier to understand
Click on the kps (bitrate) in order to show up the highest bitrate and start to look for CCTV5 on the list and double click on it, hopefully it wil show up the channel and you are desired. However, if u get no response more than a minute, click on channel and see if any data ins and outs. or try the different channel again.
Last but not the least, make sure u have installed windows media player ver 9 or above before you ll be able to watch it.