Without a Bachelor's degree you cannot be legally hired to teach. However, there are hundreds if not thousands of English teachers in China without degrees. Get the 'F' visa. You'll only have to do a 'visa run' every 6 months.

I was paid less than that and until my girlfriend moved in with me, I lived easily on my pay. I frequently ate in restaurants, took taxis and was a regular in two bars. A frugal friend claimed that he lived on 500 yuan a month.

China is a wonderful experience. It looks great on your CV but don't stay more than a year. There are too many westerners in China teaching English in their prime earning years. Yes I stayed five years but I was already collecting a good pension when I first arrived.