Can you please guide me which Text Encoding should be used while import, when the data set have some data in Chinese Language.
The encoding should be driven by your source. If you use something like notepad ++, open your source file and then click 'save as' you should see the current file encoding format.
That said I think UTF-16 is a common format for complex characters and I think GB18030 is a common standard in China, so I would try these and see if they work for you.
UTF-8 is least subject to variation and used by text/CSV exports. UTF-16 is supported but there are byte ordering (little-endian vs big-endian) variants and/or optional prepended byte order marks (BOMs) to consider. Both can represent the full set of Unicode code points supported by Anaplan.