I can't answer your question with any degree of accuracy until you provide more details such as where about in China would you be wishing to live and work? There's a big difference in the cost of living between Shanghai and a provincial third-tier city. Would you accept free accommodation that goes with the job or insist upon moving off-campus into more luxurious housing that you'd have to pay for? Are you a vegetarian or not? Would you be willing to desert American fast food for Chinese food? Would you cook for yourself regularly or dine out. Would you eat at the school dining hall or at restaurants? Are you a (heavy) smoker or not? Are you a (heavy) drinker or not? Would you be looking to drive or not? Would you mind hoofing it around town, or taking (crowded) public transport, or would you require to travel everywhere locally by taxi? Are you necessarily into tourism in big cities? Are you looking to get laid in red light districts? Are you a bar fly? Do you need comprehensive medical insurance cover while in China?
More details, sir!
In addition, you should consider how many teaching periods per week you are prepared to work, and the pressure you might expect to be comfortable with in your new job. Working in international schools or private training centres is a very different kettle of fish from teaching in the public sector.
I'm sure 60000 USD in the States can support a much better standard of living in a one-horse town than it could in the Big Apple, got my gist?