If your story only has a one or two people of a certain race, and each of them is an offensive caricature, that pretty much does say, "they all are". I'm not saying the Mandarin is like that in a modern context, but during the silver age of American comics, how many ethnically Chinese heroes, or even civilians were there, compared to all the red scare, yellow peril, Fu Manchu type villains?
Anyway, I think the outlandish comic-booky and clearly not oriental design of his green costume with the pink mask & cape undermines the stereotypes and makes him just look like any other goofy silver age villain. And it would give him more articulation than big robes would.
Also, those new claw hands are really ugly. I wish they would paint the nails, as it looks like his fingers just sharpen to fleshy points, like Lady Deathstrike from X-Men TAS.