From China Digital Space
Sounds nearly the same as “administrator” (管理员 guǎnlǐ yuán). The watered weasel-ape originally referred to the administrators of Baidu's online encyclopedia, where many mythical creatures, including the grass-mud horse, first appeared. (Entries about these animals were promptly deleted.) Now a watered weasel-ape is any Web administrator who censors vulgar or politically sensitive content.