I've been to the Bay Area, Hong Kong various cities in China (e.g. Beijing, Guangzhou, Shenzhen, etc.) before. I'm in Hong Kong right now but I'm going back to the Bay Area next month.
Bay Area: Engineers are rather well respected from what I can see. My sample may be biased though since I've been working with the upper layer of the valley so far (VCs, CxOs, Stanford PhDs, etc.) But hey, if your company just exited for a few million dollars, the local media and TechCrunch cares. You open a party and your friends love you.
Hong Kong: If you're an engineer (even a CTO "engineer"), you're a loser, period. Nobody ever heard of a VC or angel investor here - these things takes time to pay off, all people want is fast money. I can go rant about HK's economic environment until my face turns blue but suffice to say, innovation, technology, entrepreneurship are thinly veiled insult words here meaning you can't make fast and easy money. Some of my friends got funding of >$100M HKD and the media never paid any attention. Someone else just exited for $1B HKD last week and the mainstream media just don't care.
China: Yes there're many high tech firms in Beijing and Shenzhen and engineers do get much higher salaries (5x - 100x, depending on who you're comparing to) compared to the average uneducated worker (China has high literacy level but very low education level). Things is.. that's only for the lucky people who attended the top Chinese universities (e.g. Tsinghua) and succeeded in getting a job and work permit in the high tech cities only. If you aren't one of those 1-in-a-1000 lucky guys... sorry man but your life is gonna suck. Even if you are one of the lucky engineers - the top of the food chain in China is being a government official, not a C-Suite executive, and 100% not an engineer. The real elites in China aren't looking to become an engineer, but rather join the government and make a few really fast million bucks there.
So, from what I can tell... US's fear on losing its tech edge to Asia is highly overrated. If you really want the top tech companies, engineers and scientists in the world, the people have to love doing it and are financially allowed to keep doing it out of love (not every engineer is a tech company CxO or got hired by Google, you see...). That's simply not happening in China nor Hong Kong. The thing about Chinese engineers being ultra competitive is way overblown - if you're constantly under threat of being evicted from your ultra-expensive (compared to your tiny salary) flat, and your flat sucks - you'd be aggressive too. But it also makes you very short sighted because all you can think of is how to get a nicer house to live in, but not how to make the next Google or figure out how to build rockets cheap. So you're surely not gonna be doing better scientific research, opening a novel tech startup, or doing an open source project. Copying and cutting corners, on the other hand, works short term, but that's doesn't get China any edge ahead of the US.