There's no such thing as Chinese religion. The closest thing to a Chinese religion is Confucianism, Taoism and folk believe. Both are more philosophical then religion. Chinese beliefs are generally a mixture of Buddhism, Confucianism and Taoism. Journey to the West story is a perfect example of the general believe of Chinese combining everything. Of course, there are also Chinese who believe wholly to Christianity, Islam and even Buddhism and Taoism.

In general, Chinese believe about death is heavily influenced by Buddhism and the rule of karma and reincarnation applies here. Basically, what happened to you after death depends on karma. Most people will be be reincarnated depending on your karma. Some are reborn as human but some are reborn as animals. Some really bad people do not get reincarnated at all but is sent to hell consisting of 18 level. Which level you go depends on what bad things you do. The worst people like Hitler will probably be sent to level 18 where he will be tortured the worst. As for heaven, it is virtually impossible to get in unless you've attain some sort of enlightenment because the so called heaven is the realms of gods. Even if you've done a lot of good deeds, it does not guarantee heaven. Some believe beyond the realm of god is nirvana. A concept from Buddhism where you reach the ultimate level and become nothing.

The concept of Nirvana means you do not need through the process of reborn again and again or suffer in hell. Even though, heaven is a realm of gods, gods can still make mistake and be thrown down from heaven. Hence, everything is not really permanent. Pigsy story in Journey to the West is the best example of gods becoming human and suffer the same process like any other human.

Basically, you reach Nirvana, you become nothing and do not suffer anymore. Nothing here means you're not any beings anymore like human, animals and even god. The concept of heaven hell here is totally different from Abrahamic religion where those who goes there will be for eternity.