The literal meaning of the Chinese title is "The Locally Produced 007".
The name "Ling Ling Chai" is a homonym of "zero zero seven".
The title is a parody of the James Bond film A 007, dalla Russia con amore (1963) which had already been the subject of a title spoof with an asian locale i.e. "From Hong Kong With Love" [See: 005 matti - Da Hong-Kong con furore (1975)].
Stephen Chow drinks a martini shaken not stirred like James Bond. He also does this in a similar fashion to Tony Leung Chiu-wai in Hong Kong Express (1994).
It was co-writer and co-director Lee Lik-Chi's idea to mock the Chinese Communist Party, who made a cameo as the blind man receiving the death penalty for "peeking" at confidential documents.