I'm not 100% positive.. but here's my opinion on expats going into China...
Conversion from any foreign license to CAAC equivalent is frustrating. It's a time consuming process because there are only few people to do the conversion and administer the exams, and when those people are "out" then you are just sitting around waiting to do nothing. I hear now the CAAC has issued one school that does conversions the question books, however you'll see several issues with the questions, ranging from bad translations to incomplete questions & answers, or any combination of the two. This goes for the commercial and instrument exams. The ATP exam is, unless they changed it, is word for word from the Australian CASA's ATP exam.
Here's a basic example of a question:
What is 1 + 1?
A) 0
B) 3.2
C) 0
Now, that's not an exact question, it's just an example. Replace numbers with random words and you'll get the point. The tests are made up of about 50-60% of these questions. Knowing aviation terminology in Maderin will definably help you out... but it's not impossible to pass... it just may take you a few times. Also, if you do fail, you have to wait 28 days until you can retake the exam. It's not like the FAA when there is no minimum time between retakes.