There is nothing that needs to be "fixed" about Mandarin other than the fact Iron Man stories nowadays don't care about villains and thus he's nowhere to be found recently.
He's long transcended his origins as a Fu Manchu/Shiwan Khan clone and the people that complain about him being racist are not the ones reading Iron Man stories.
Are the magic rings too "silly" for the current tech-based approach to Iron Man? Just give the rings a technological origin. Give him other weapons, too if necessary.
Just focus on developing the character and ignore retards like >>99556395
who don't give two shits about the character and only bring him up to defend the movie.
If it aint't broke don't fix it.