Preface: Said as a person who lived in China full-time for 6 years, and has spent the majority of the last 3 years in China. And married to a Chinese national...
China has a lot of really, really smart people. However, innovation does not exist culturally within the vast majority of Chinese - and seems to be even less present in those with university degrees. There is still a lot of the old Maoist "follow orders only/don't speak up" culture well set within China.
If you want to execute on an idea, China can be a good place to do so - lots of very smart people who, for the most part, follow direction. But if you're looking for innovation/inspiration? Look elsewhere.
NOTE: the current generation of college students being educated overseas are starting to movement towards innovation. My feeling is that it will be their kids that really kick off the innovation revolution within China. About 30 years out, at this time...
I remind everyone that the Chinese Communist Party is made up of the smartest people in China. It is full of scientists and engineers, people with analytical minds, and people who are qualified to make decisions for others. If Slashdot were based in China, the most thoughtful constantly-modded-up users would be mostly CCP members.
WHAT? Hi there, I've lived in China the vast majority (like 80%+) of the last 10 years, and am married to a Chinese national. Most of the CCP members inherited their positions from their parents. They also tend to be the ones who inherited the biggest companies in China as well (banks, telecoms, heavy industries). Capability/intelligence is NOT the reason you're in the CCP - relationships/political gamesmanship/familial relations are what keep the CCP members in the CCP.
Think of John Gruber, the MIT economist who helped get the badly needed Affordable Care Act passed despite opposition from lesser minds.
Badly needed ACA? The biggest failure of legislation in the last several decades, that had to be unilaterally amended by the President to provide political cover for members of his party? That ACA? If you want to claim Gruber as "one of the best and brightest" because of the ACA, you have a really, REALLY low bar...
There are plenty of nerds that would love to hang out Friday or Saturday night and talk about his 68000 and other geekiness...
Oh, you mean "with a girl" kind of date?
To restore a sense of reality, I think Walt Disney should have a Hardluckland. -- Jack Paar