While the issue of being the first or the corresponding author is China has been discussed in this forum, the significance of the senior author, or final author has not been addressed. We are working on an abstract, and determining the author order. As I am in the USA where senior authorship is an honor, determining if this would be win-win, Chinese senior author as corresponding author, and the US author as senior/last author. Anyone out there know about this topic?
I have worked in China as a postdoc for two years, recently. I have come to know a lot about Chinese academic culture. Thus, I will try to answer your question.
As someone mentioned in comments, we don't know anything about your field. In my field, a [conference] abstract is usually not important per se, but provides a thermometer about potential authorship conflicts when it comes to the actual paper publication. So, bear this in mind while you see my points below.
Chinese culture is very conscious about hierarchy status. They take that seriously, so mind to make sure they understand you're striving to honor the Chinese senior author in your decision. In principle, granting corresponding authorship status is desirable for a Chinese PI. I should remark that multiple corresponding authors are common among papers coming from China. This enables the "humble first author" to honor all senior PIs included in the authors list. (Honorary authorship is exceedingly common in China.)
Coming out as the last author is also seen with good eyes, but not as important as being corresponding author. This way, I think your plan is good.
Finally, a word on publication awards in China. As you may have heard, researchers in China are paid cash awards over published papers. Cash is also an honor in China. Different institutions have slightly different rules about awarding cash prizes. Perhaps you'd like to ask them whether "the authorship status & position are fine with their university rules" or something to that effect, referring to such $$ award rules without asking directly.