terminating my work contract. Can I just keep my visa they way it is ??

Hi, my contract/visa end in July 2013 but I am terminating my contact and am working until the first week of January. I will be going back to school out of the country of China. My employer wants to terminate my current Z but then wants me to pay for a tourist visaL. Is there another way that this can be done.

Why can't my current Z just stay as it is so no one has to pay any extra costs.

thanks