I think China has an advantage here. While most Chinese have only one (or maximum two) children to support, the average number of children is higher in India. It chinese parents can afford to spend more money per child on education and I think on the long term this will result in a higher education for the average person.
That's a good point, but I think that present advantage will turn against China later on when all those only children find themselves having to support two elderly parents, a situation permeating the society on a massive scale.
As they say, China's the first country to "get old before it got rich".
