Chinese leader accepts fair odds — like this gangster (7)
I believe the answer is:
mafioso
'gangster' is the definition.
(I've seen this before)
'chinese leader accepts fair odds like this' is the wordplay.
'chinese leader' becomes 'Mao' (Chairman Mao).
'accepts' means one lot of letters goes inside another.
'fair odds' becomes 'fi' (I can't explain this - if you can you should believe this answer much more).
'like this' becomes 'so' ('like so').
'mao' going around 'fi' is 'mafio'.
'mafio'+'so'='MAFIOSO'
Can you help me to learn more?
(Other definitions for mafioso that I've seen before include "Sicilian gangster" , "Italian gangster" , "Family man" , "Member of a Sicilian mob" , "One of the mob" .)