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I want to tap the Chinese Market. I've been told to translate my site to Chinese and put on a Chinese server. Is this possible?

You can also create websites in Chinese.
But you will have to do the translation yourself.

I want to tap the Chinese Market. I've been told to translate my site to Chinese and put on a Chinese server. Is this possible?

Anything is possible!.To start you will need to translate your site yourself (or pay someone) as the program cannot do this for you. You do not need to use a "Chinese" server at all, as you can simply place the translated pages into a folder on your host and have it called from there by a url like below and link to it from your main site by small flag and vice versus Chinese pages have flag of your own country https://www.yousite.com/.cn So yes it is possible the only thing that stops it is you.