Yes, the latest 2.1 release supports Chinese.  Since we do not employ anyone who speaks or reads Chinese, we cannot guarantee the quality.  Please evaluate and get back to us.

Also keep in mind that you can edit the Terminology in the Admin area.

The Chinese language pack is included in the latest build, 2.1.3074.33397.  If you have an earlier version, then you will need to upgrade.  You can either edit the Chinese terminology use the admin terminology manager or you can export all the Chinese terms using ~/_devtools/Terminology.aspx and ~/_devtools/TerminologyHelp.aspx.