This may be a personal question ( meaning, coincidentally the conduct of the question has not happened in my life. ).
Fist and Palm Salute ( English ) is the traditional Chinese greeting pose, indicating the one that poses it have no enmity to the peers, but I was born in 1974, ever since in business scene nor informal scene I have never met anyone pose like this. ( Although even in linked page the pose looks like being practiced in modern China. )
Thanks to bukwyrm in the answer, Fist and Palm salute and Hold Fist Salute ( both of which are explained in the link ) are different. So though I watch many, like Jackie Chaen or Jet Li is doing the Hold Fist Salute but it is intended for Kung-Fu fighting.
I am talking about Fist and Palm salute which was already prevalent even in Three Kingdom Age, whose movie is depicting lots of Chinese generals using it back then to say something to his lords. Like this one ( I am sorry it is in Japanese ). ( 2:25~ )
Did the fist and palm salute survive the Mao's Four Olds?
If Semaphore puts is it is more observed in Taiwan not in mainland China, that might indicate something more deep. ( I have only just one been to Taiwan for a trip but did not observe carefully. ))
Out of curiosity, has it ever happened in your life if anyone met Chinese in the past?