Remember the way America plans to compete with China is to wait for China to fail. So there are a lot of Americans straining their eyes for a glimmer of salvation. That is the context for pretty much every American story on China you see.
The reality is that Chinese rich are hedging like all the rich do. Putting 20% of your wealth in a safe investment outside your home country is not unusual. And they are gearing up to send their child overseas to the best schools they can find - just like all the other tiger economies did.