This is how my Grandma used to sing it to me...

There lived in China a very fine man
His name was chee karaka cheek you can
his legs were fat and his feet were small
The chinese man he couldn't walk at all.
Chee karaka, chee karaka, cheek you can
Cupa laura, cupa laura was a very fine man.
Banga, hoola, izzy kizzy kizzy was a chinese moon.

She was a lovely kind and gentle person and no racist comment was every intended. It was a fun tongue twister - plain and simple.