Expat Health Insurance
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I think it'd be pretty difficult to live on that salary. Your main expense would be accommodation and even a small apartment would take just about your whole salary, if not more (which is obviously not a practical possibility in that case). If the company was providing accommodation for you it'd be a different story but if not, I'm not sure it'd be enough.
Expat Arrivals has a cost of living in Shanghai page, and there's also one on Numbeo and one on Expatistan. You can click the blue text to be taken to those pages.
Let me know if you have any more questions.
Cheers.
M