I was raised in Hong Kong, and I've been educated under the Hong Kong, Canadian, British and mainland Chinese education systems (not to impress, but perhaps to give you an idea of where I come from), so perhaps I can share some of my thoughts, if you find it helpful. I'm only going to comment on education, because I always feel like environment is pretty much a personal thing - what's good for one person might be detrimental for some - e.g. lots of people hate living in small places, but I've also met a fair share of people who actually prefer the mini-apartment lifestyle.
When I was a kid, I went to a Cantonese medium school - my parents thought it be essential to be native in Cantonese, and so I went there. To be quite frank, I didn't think too much of it, but in my third year of schooling, I started to display signs of severe anxiety (like bruxism), and my parents thought it was wise to transfer me out of that system. In terms of schooling, it's true that it can be fairly rigid in a local school, but if you want your children to have a good feel of the language, you can't beat having the experience of being educated in that language.
Later on, I attended a local Canadian international school, and I remember schooling became a lot easier. My grades were okay all along, but now I was getting decent grades and having some semblance of a childhood. And, as you'd have it, my bruxism also stopped.
I then transferred to a British international school in my sixth year, and thinking back, it was the happiest time of my life. Some of the friends I made during that time became really good (like lifelong good) friends, and I felt that the general quality of people - students and teachers alike - there was really high. There were Mandarin classes but I chose to take them only up till year 9, and stopped afterwards. Everything went well during that time, and life was pretty balanced.
And then, I made the decision to switch systems again (after year 11), and went to a Mandarin medium school, in order to get into a Chinese university. Most of my classmates thought I was crazy - the language switch was intense, the pressure skyrocketed, but I had my reasons - I wanted a native degree of fluency in Mandarin (among other things), and I went.
I won't lie - it was very, very hard. Language wise, it was okay, because I've received some education in it (with a bit of intensive work on my part, I caught up within three four months), but the system was very intense, and the polar opposite of British pedagogy, which I was already used to at that point. I'm almost embarrassed to admit it now as well, but when I first went to China, be it Shenzhen or Shanghai, I distinctly remember experiencing cultural shocks on multiple occasions. But again, if you're serious about getting to a native fluency, you can only guarantee that through education.
In my opinion, I think that if I were a parent, I'd probably do something similar to what my parents did - I'd have my kids attend a Cantonese medium primary school for a few years (I am rather proud of my Cantonese heritage lol), then transfer them out to a bilingual (Mandarin - Chinese) international school (ensuring it's really bilingual! Don't want them have leanings towards one language). If possible, I'd probably want them to have the experience of living abroad and immerse themselves in French (but maybe that's just me liking French a little too much). Achieving a native level proficiency in languages is pretty set during our high school years, so that's what I'd like to do ideally.
But I wouldn't underestimate Chinese education just yet. True it has many flaws, but I learnt the value of working hard under the system. If you can work with your children to combine the best of the both worlds, the academic rigour of the Chinese system, which trains up one's perseverance, and the flexibility and creativity enabled through a Western system, I think your children will emerge truly international.