Sources are stating that the Chinese government has launched the Shenzhou V spacecraft. More as the story develops.
UPDATE: The Washington Post is confirming the launch occured approximately 20 minutes ago. The taikonaut is Lt. Col. Yang Liwei, 38, a fighter pilot in the Chinese Air Force. Touchdown for the craft should be approximately one hour from now after a 14-orbit mission.
UPDATE: Actually, each orbit is 90 minutes, so touchdown for the craft will be in approximately 21 hours.
China Daily has a biography of Yang Liwei.