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Depends on what you are looking for. Knowledge-wise, you'll fare much better at North American or top European universities if you can get into one. When I was at Peking University for exchange, which together with Tsinghua University have the arguably best MBA programs in China, a common topic among MBA exchange students was how low the level of education was. Some courses were very good and demanding, especially those given by American professors, but many underwhelming. The general approach was case-based but the level of discussions wasn't great because a lot of the local students didn't speak great English or simply refrained from participating while the focus of the exchange students was usually on partying and traveling. Note that this all only applies to the English-speaking programme. Chinese school don't have much experience in MBAs because traditional Chinese education is mostly about top-down teaching and less about group or independent work, which are both central to any decent MBA programme. There are some cases where I think a MBA in China would be worth it:
Building a professional and personal network in China. This is the main reason for most people. Saving money. China is cheap and the programme isn't too expensive either. Getting to know the country. You'll have plenty of time to travel. You are Chinese and want to have Peking University or Tsinghua University on your CV without having been able to get in as an undergraduate student. If you want to attend a MBA in Beijing, Peking University is more qualitative whereas Tsinghua is supposedly more quantitative.