The one child policy has caused a demographic nightmare for the Chinese: they don’t have enough people to accomodate necessary future growth in the economy. Necessary to avoid mass insurrection. India will probably outgrow China because the trends are more favorable.
More precisely, they don't have enough HIGH-IQ people to accommodate necessary future growth. They have more peasants than they need. They need brilliant engineers and managers to bring their country out of the Third World (Their GDP per-capita is $8.5K, versus $35K for Japan and $38K for Taiwan).
To accomplish that, they need for their high-IQ women to have lots of kids, while restricting the number of kids their peasants have.