A European site opened from Shanghai is often not slow — it is stuck. The difference matters, because slowness is solved by hosting and stuckness is solved by deleting four lines of code.
Find the resources that never answer
Typical page builds pull in a web font service, an analytics script, a map widget, a video embed, a tag manager and a handful of icons — most of them from providers that are not reliably reachable from mainland China. The browser waits. Fonts are the worst offender, because text often will not render until the request resolves or times out.
The fix is unglamorous: host the fonts yourself, inline the icons, replace the embedded video with a poster image and a link, and remove anything that is loaded because it was in the template. Each removal is worth more than any amount of image compression.
Then, and only then, the hosting question
Once the page depends only on your own domain, where that domain is served from becomes the remaining variable. Hosting inside mainland China is the fastest answer and carries a filing requirement that takes time and a local entity. Hosting in Hong Kong or Singapore is a middle path: much better than Europe, no filing, and usually enough for a site whose job is to look credible rather than to serve an application.
Measure from there, not from here
Your own experience of your site is worthless for this question, and so is a test run from a European server. Use a testing service with mainland Chinese nodes, test more than once because results vary by hour, and test the pages that matter rather than only the home page.
There is a side benefit worth naming: a page that loads without third-party calls is also a page that leaks nothing about your visitors to anyone else. The work you do for Chinese speed improves your European privacy position at the same time.