Preheat oven to 350 degrees F (175 degrees C).
Combine peaches, Chinese five-spice powder, and lemon zest in a bowl.
Stir sugar and water together in saucepan pan over medium heat until simmering, 2 to 3 minutes. Stir in peach mixture; cook and stir for 2 minutes. Remove from heat and set aside.
Combine sugar and self-rising flour in a large bowl. Pour in milk; whisk to form a smooth batter.
Pour melted butter into a Dutch oven. Pour batter over the melted butter.
Gently place peaches and syrup on top of batter. As the cobbler bakes, they will sink down into the batter.
Bake until syrup is bubbling and crust has risen and is golden brown, about 50 minutes.
Canned peaches can be substituted for the fresh peaches in this recipe. If using canned peaches, use the syrup in the can instead of making one with sugar and water.
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