Very informative post. I bet many Americans do not know.
Most don't. It's not the hell-hole most Americans think. Most are so ignorant of what China is that it's downright scary. I had one FReeper on another thread insisting I was wrong, there are "two" currencies in China, one called a Yuan that is used to pay the slaves here (do you pay slaves?), and the other being the RMB for "official" use only.
I've never seen two currencies, no one I know has, and it doesn't exist. But oh no, I was wrong, I'm just a ChiCom troll here...
Anyway, walking in downtown Shanghai, you'd think you're in any crowded city around the world, except 96% of the people are Chinese and everyhing is in Mandarin and English. Taxis, skyscrapers, stores, parks, subways, etc. You want local food? No problem. KFC, McDonalds, Coke, Pizza Hut? All here. Sony, RCA? Available. Want a new Ford, Buick, Audi, Mercedes, VW? No problem - we go shopping!
Some places in China are still hell-hole, 3rd world areas. Others - downtown/central Shanghai, Bejing, Xiamen, Hong Kong, etc. - are about what you'd see in Madrid, Rome, Brussels, London, New York, Chicago, LA... Some really nice areas, some not so nice ones, but in general a decent place.
Overall, I would encourage everyone to take a week-long trip to China just to see what it's like. Go to Hong Kong for 2-3 days, go to Shanghai for 3-4 days, then head back. You'll learn a lot!