This research explored the linguistic features of English phonetic loanwords in terms of matrix, carrier, recipient and donor, the approaches from a recipient to its corresponding donor and the reasons for the creative use of English as phonetic markers in Chinese context. The following conclusions were obtained: (1) all matrix is grammatical Chinese. The carriers located in the matrix are fixed expressions, or formulaic language; most recipients are made up of two Chinese characters, a few of which are even nonwords in Chinese; Donors are closely related to famous persons, popular brands, pop songs, popular software packages, and films and TV shows, which embody popularity, modernism and prestige. (2) When a recipient is replaced by a donor, the number of Chinese characters combination is not always equal to that of the corresponding donors, for most of two-character combinations will decrease to monosyllabic English phonetic loanwords. In addition, English phonetic loanwords can derivate further both vertically and horizontally. (3) The English phonetic loanwords are used in Chinese context mainly for playful effects, low-level cosmetic effects and the marking effects of multicultural identities.