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Any serious comments though? :)

1. I would name it something with connection to China and the culture, but I can't think of a good name. Maybe a Panda as a mascot and call it Panda Game System or something, just as an example. PandaSystem 1(PS1), would make Sony happy right? :P
2. Stationary console, because I never really liked handheld gaming, also it would be very difficult to compete with android phones in China.
3. It would be mid-range components, I would try to go with something cheap but still good. Better than last generation but still keep a low cost.
4. One controller, headset, HDMI, Component and Composite cables so it would work with any TV.
5. I don't think that I would push any accessories or add-ons. But perhaps leave an option for use of third party accessories such as keyboards.
6. I would go full in on online sold games, from the consoles own network but would also consider allowing other game networks to operate on the console for a fee. Games would have five different price categories. Free, 5RMB, 10RMB, 30RMB and 50RMB. The Free category would have an option for users if they like the game to give the developer 1RMB, as an "Support the developer, give 1RMB"-button.
7. I would of course make my own accessories such as controllers and headset, but would allow the market to freely make support(drivers) for already accessible accessories for PC, to be able to buy a cheaper or more expensive headset if they liked it more. USB would be the standard port, as with PC.
8. The only thing different I would do is to make it more open, and also allow advertisement inside the consoles menu at specific places. And I would make a port to enable connection to a computer screen also, like a normal PC. So the user easily could use it as a normal PC too, with the console menu having most of the things a user would use a PC for. Such as accessing QQ chat, Baidu search, have Open Office and other free software and some free browser like 360 as I would use their security system.
9. Depending on the exact hardware I would go with a retail price of 1 000RMB here in China. In NA/EU/Japan I would not release the console at first, but I would aim for a retail price of $/€200 if I went there.
10. I would go with RPG, MMORPG and Adventure games as the console sellers.
11. I would at first try to release it in the Chinese market and perhaps the Korean also, make deals with Baidu for server use, and let Baidu put up a "Baidu server"-sticker when you sign in to a server to play. And try to make a good co-operation with other Chinese companies. Like 360 for their knowledge of anti-virus/security etc. It would enable my company to focus more on games and the console itself than all the other things. I would also try to make strong deals with Korean and Chinese game developers, since they are almost non-existant on the current console market. It would be easier to make deals with them, and much cheaper. Also they would be the ones that would make games more appealing to the market I am after. And I would try to make a deal with for example the "Game Maker" company to make a version of their Game Maker to be easy to make games for my console, to allow indie developers to very easily have a platform to work on. And to develop for the console should be very similar to develop for PC, to make it as easy as possible for developers to make games for it, and because most of the developers I would be interested in already only makes games for the PC today. Also I would push a new console every 5 years, and they would always be backwards compatible.

100RMB is about €12 or $15.