OP: I can recommend living in China for the experience alone. You'll be treated differently, but xenophobia is not the word I'd use. I'm white and my experience was pretty great, though I'm not sure what it would be like for a non-white person.
I imagine a software engineer would make less than in some Western markets, but the cost of living is also substantially lower. Learning basic Chinese is helpful, but in the biggest cities you can typically get by with English and gestures.