The full name is 中华民族园 or "Chinese Nationalities Park" (officially translated as "Chinese Ethnic Culture Park"). On road signs, this gets abbreviated to 民族园 "Nationality Park". Someone must've been looking for a similarly pithy English equivalent, but how they came up with "Racist" rather than, say, "Ethnic" I can't imagine. (The usual Chinese word for "race" in this sense is 种族, which shares the same second element as 民族, but is quite distinct phonetically.)