Bullet proof travel insurance isn’t going to help you when you are in an accident and someone else is hurt. No licence = no car insurance. There are a few stories online of foreigners getting involved in serious accidents and being deported for not having a licence. I would assume that is after paying out $$$ in compensation.
My recommendation is that if you are here long term and want to drive, get a Chinese licence. If you are only here for a month then hire a driver.