First - congrats on conception. Hopefully your child (male or female) will be happy and healthy without complications.
To the question:
1. Cost - choose your hospital wisely. Costs should run in the vicinity of CNY 5k for delivery & aftercare, not including drugs. Beware "certain" corrupt physicians requiring you to buy immunizations from outside the hospital. This happened to us - after we bought the immunizations, the hospital (including our physician) refused to use the meds and told us we'd have to pay for the hospital's own meds. The mother is Chinese, so there's no language or communication error - this was outright fraud - as the attending doc specified the pharmacy where we were supposed to purchase the meds (and we had to buy a double dose, so the cost was double and of course the pharmacy refused to refund the med costs - all VERY shady - worthy of execution in my opinion).
2. Make sure your wife has excellent aftercare - this is critical for new and first-time mothers. Proper diet, lots of rest, and significant social attention from the father.
3. Choose your diapers, formula, bottles, washing utensils and liquid, baby wipes (wet wipes), baby bath, blankets, clothes as soon as possible. Beware the fake formula - that's still going on - substituting other brand formula into major brand packages. Our supplier used to request we return our used formula cans...stinky fish to me, but it was worth some cheesy free gifts.
4. Citizenship. Your child can be dual nationality - but be forewarned, in China your child is Chinese and China has NO custodial relationship laws with the USA and probably other foreign countries either. Hopefully, you'll never ever need to see that ugly side of life (see item 2 above).
5. If this is your first child - start immunizing yourself to stinky smells - I suggest stinky tofu and cleaning the toilet/bathroom.
6. Get a COVERED trash can - you'll need a place to toss the poopy diapers. Only problem with this solution - the trash can stinks to high heaven when you open the thing. Wash it and air it out once a week.
7. Baby stroller - only effective if you live in or around a neighborhood with sidewalks and pathways not shared by vehicles - beware e-bikes. You'll have to be pro-actively situationally aware.
8. Stock up on fever meds - baby tylenol is still the best for killing fever so the child can rest and recover naturally. Get a baby dosage and delivery spoon.
9. Get a discount card from the local baby supplies supplier. It can save 20-30%.
10. Get LOTS of small face cloths - you'll need these for feeding (although facial tissue is an acceptable substitute). You'll also need a very soft, non-linty towel for burping the child (just in case they decide to throw up a little).
11. If possible - get a washer/dryer combo. Nothing's worse than running out of clothes because of incessant rain (and you can't hang stuff out to dry). Alternative - a hot air fan in the bathroom. Do NOT get heat lamps - babies tend to stare at bright lights and this may damage your baby's developing eyes when it's bath time.
12. If possible - keep people away from the baby for 30-90 days so baby can develop normally. Beware of early stage immunizations. I know what the WHO says - but immunizations can be toxic to a very low percentage of developing children. After the initial round of hospital immunizations, I waited until all my children were two years old before giving them their second batches of immunizations.
13. Where to sleep - hope you have a huge bed. Most Chinese mothers like to sleep with their babies. That can put a serious crimp on making siblings. A well padded stroller serves as an excellent and safe alternative to stand-alone baby beds.
The list is infinite - unfortunately, there's no degreed or certified programs for having babies - so you'll just have to depend on your elders for assistance and advice. Good luck and enjoy our current lifestyles. It ends in April and you'll enter into a brand new world, filled with frustration, amazement, anxiety, joy - utterly manic, but I wouldn't trade it for a big screen TV entertainment center. Real life is so much more fulfilling.