Sorry, wasn't able to get on until a little bit ago and then took some time to mess around with it.
So tried the file, wasn't working just like you.
Tried changing everything to just "zh" to see if pulling from the top of the tree would help, it didn't. The Chinese still wasn't showing but the English that hadn't been done yet was.
There's a couple of possibilities, Red has it using the Ascii and not dynamic font option in unity, for some reason it's not pulling the ms font, or another possibility might be the font size in the game is too small to properly display it.
There's been a lot of changes to Unity since my dev days so could be something else I'm missing.
If Red is going to eventually end up packing these languages into the game as unofficial localizations then might be worth packing in something like Noto Font family that supports 100's of languages.
Anyways hope somehow this helps a bit and sorry I could be of more help.
EDIT: I forgot to mention, if you're not doing both simplified and tradtional Chinese then you can just use "zh" for the language code.