A buddy of mine taught in China for a few school years at a private school. The school paid for his housing AND gave him a stipend for bills. Also, negotiate the hell out of your pay, don't take what they offer you first. I got to spend about 3 weeks over there last summer with him & it was awesome. The only complaint I had was that the pollution got bad on some days (I was in Jinan), so if you're a super outdoorsy-type, that may be difficult for you (it's really the only reason I couldn't live there). The exchange rate was awesome, the food was fantastic & bullet trains rock.
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