I am currently setting up a WFOE. From my application that my local consultant made, The minimum capital transfer is 15% within 3 months of business license release. 100% of capital must be cleared within 2 years. Also I heard the minimum capital is 1 million RMB (not sure as I am not registering this amount).
Or, you could buy a local company. However, you must keep the local person as the registered person. This works too for smaller scale projects.