I have just got back from a 3 week vacation in China. I wear a Rolex, my wife a Breitling + diamond rings. We were in Shanghai, Beijing, Xi'an, Chengdu and Juizhaigou. Never once did we feel threatened and all our fingers and kidneys returned safely with us.
The biggest problem we had was over-friendly Chinese wanting to take our photo's and practice their english!!
Enjoy China - it's just great!!