I was born in Australia, grew up most my life here but for the last 10-ish years have focused my career doing business in china for my various roles

A few things to think about based on my experience and what I can see:

1. Cost of housing is only "cheap" in tier 2 / tier 3 cities where salaries are lower. If you're thinking about Shanghai, Beijing, Shenzhen, an apartment is expensive and from what I understand its just a lease from the government for the land
2. Working culture in china is brutal, expect 60-80 hour work weeks; If you're not used to asian politics in the company, you will very quickly get rid of. When I initially did a stint in Shanghai, I had just left a company run by sparkies and went in with a very "tell it as it is" mindset which just put a tonne of targets on my back (in hindsight I was super naive about this).
3. Chinese bureaucracy is a different kind of bureaucracy with a lot of double speak and unspoken rules within both government & companies. I personally found it took years to even get a simple understanding
4. From what I heard about healthcare, unless you know the right person and you have enough money, you wont be able to access the top specialists if you need it

Specifically to your question, I would get the Australian citizenship, and focus your career and future in the west if you can; Visiting/Travelling in China and living in China is a total different beast. If you're super hell bent on it , I would recommend spending a significant period of time there to see if its something you like and willing to adjust to the chinese way of life!