Yes, if you want a confusing situation, the Saloon is a great place to find one.
This question set is confusing enough anyway...as seen, actual results are spotty, and NO ONE, including most of the authorities, really knows what's happening.
I DO know that degree status doesn't apply for the Z Visa, but it definitely DOES when it comes to getting a work permit/foreign expert certificate...and this in turn is the necessary prerequisite for the residence permit. YOU CAN'T LEGALLY LIVE AND WORK IN CHINA ON JUST A VISA.
Experience has shown that sometimes, it doesn't have to be a 4-year degree. Sometimes other certifications etc. will work. This can include anything from an unrelated work certification to a TEFL certificate, to a Hallmark "World's Greatest Bowler" certificate- which is often about as meaningful and relevant as a TEFL certificate anyway.
Your best source of info here is your prospective employers. Tell them which shiny paper you have, if any, and they should be able to determine whether they can work with it or not.