Can I go back to China for university after I settle in Spain?

You can study abroad without a visa, but you need to apply for residence in France, which is stipulated by Spanish immigration law. Because you already have the right of abode in an EU country, it is not difficult to apply for AUTORIZACION in France. You can do it yourself or you can do it first.

You can find more information in my bilingual lawyer blog.

Good luck!