Applying for Chinese visa before renewing passport with 7 months validity - which is better?

If I am travelling to China in early March 2015, do I apply for a entry permit first or renew my passport first before applying? Presently, my passport is valid for 7 months as it expires in Sept 2015. When you apply for entry permit, they need at least 6 months which I qualify but will the entry permi be granted if they consider the travelling period in March if I use my present passport to apply? On the other hand, time is of essence as the entry permit needs 4 working days to process with Chinese New Year round the corner too. I plan to apply for a entry permit first then renew the passport. Will this mean that the entry permit will be in the old passport and when I travel with the renewed passport, it will not have the entry permit? What should I do?