Whenever I get together with tech people who have been doing business with China for a few months, they seem to throw out expressions about China like "next Silicon Valley" or "going to be even bigger than Silicon Valley." But whenever I get together with tech people who have been in China for years, they never say such things; they talk about how much China needs to change if it is ever going to have its own Silicon Valley.

So which is it? Why or why not?

Please weigh in.