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Oddly enough I was just watching the documentary People's Republic of Desire last night, which is about the Chinese streaming platform YY. Several performers are frequently seen making versions of this gesture. I commented on it to my wife, who is ethnically Chinese (but not from China) and she said she mainly associates it with kung-fu movies.
In most cases throughout the film, the YY hosts are clearly using the Hold Fist version, rather than the Fist and Palm. But here's a frame from around 10:37 of the documentary where it looks like the Fist and Palm was intended:
As for what is normal in business situations, here is a quote from the Hong Kong newspaper, South China Morning Post, referring the Fist and Palm version:
Although this traditional Chinese greeting is fairly uncommon these days, some Hongkongers may opt to use it instead of a handshake if they are ill and wish to avoid passing on germs.
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Did the fist and palm salute survive?
Yes it does. In fact people are still doing it everywhere, except it's been used less especially in one-to-one situation where hand shake is much practical and simple (I will explain below).
When people cannot establish a handshake, for example, in video phone call, or if you are on the stage and there's fifty-hundred people watching you, etc, the fist and palm salute is often used to express gratefulness or respect.
However very few people still use it for everyday hello unless for very formal situation nowadays, generally because it is very easy to do it wrong:
First, there are two ways of making it, one way for congratulation, one way for condolences. Now imagine making the condolences salute on someone's birthday, or make the congratulation one in someone's funeral.
And then, it differs, in fact 100% opposite for male and female: For male, right hand fist with Left hand palm is for congratulation, left hand fist with right hand palm is for condolences. And for female, it is exactly the opposite.
Although most people don't care about it too much nowadays, still it is very hard to avoid some minority from nitpicking. So if you prefer to keep it simple and afraid of making mistakes, JUST SHAKE HANDS, it's much easier that way.