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He's not a cold war character though. He's Yellow Peril racist caricature dressed up in cold war clothes. Sure he's not as bad as Yellow Claw, but he was barely used for years in the comics.
You can certainly argue the Mandarin was conceived with cold war sensiblities, but over the decades he's become quite the badass villain, sort of like I.M.'s Dr. Doom.
Quite frankly, after Stane, Hammer, Osborne, Octavius, Conners, Brock, Stryker, Shaw having an "ethnic" evil guy would be a change of pace, not racist.