If people have an incoming top journal paper when they go on market, how they would choose go back China? They could easily find a decent job in US, as long as their English skills are acceptable.
At least for accounting and finance, I don't think there was any Chinese student with an incoming top journal chose to go back to mainland China when they graduated from a US school.
As for as I know, some go to HK, some go back to mainland after working a few years in US, but no one go back China immediately after they graduate from US schools with a top journal paper.
I think going back China is a personal decision. However, to my observations, most Chinese graduates do not want to go back China if they have choices. When we compare the research environments, USA is definitely much better.
Yes, over-qualified job applicants also exist in USA. My friend who did not have any top tier journal papers got a faculty job at a teaching university. Her competitor who had two top tier journal papers could not get the job because teaching universities only need people to teach but not to do research and they cannot keep good researchers.