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200k US dollars per year is enough for your normal living in shanghai.  I guess you must be a mid-level above management, you have many allowance from your company. (accommodation,kids,medical,etc)

About individual income tax,
Taxable Income = ( Total Income – Initial Deduction* – Tax Deductible Allowance** )
Tax Payable = ( Taxable Income x Tax Rate ) – Deduction
according to your situation, should be 45% tax rate, approx. $130k per year.

Accommodation takes a large percentage if you want to live  nice and beautiful, it's up to your criteria. villa or apartment, which area?  What I know is the average level of apartment with 50 square meters close to downtown, which we called inner circle, the rent is around RMB 10K to 20k per month.  I suggest  you could liaison with your company HR or to deal with this. 
Transportation is nothing to say, convenient by subway and taxi,
Food is shanghai is quite good, coz there's gather most of nationals cuisine, you can find it anywhere, hotpot, spicy food, thai, steak, you just need to log on , it's more like a "yelp".

Hope this info. can help you.

Thanks for the detailed response. From the sounds of it you think it's a good deal. Also thanks for tips for the accomodation and food.

Whether it's a good deal which depends on which line of business are you in , for the financial or high-tech IT industry is just normal.  but for the ordinary industries, this package is a good deal for Regional director or VP's  of 500s.