Why not? It sounds like the new frontier, reading this ComputerWorld article on opportunities for Mandarin speaking folks with managerial experience in the burgeoning Chinese IT market.

While India has loads of technical talent, as the article points out it isn't difficult to replicate that with the right sorts of education. It's the experience that is the bar to entry, and if China is more successful in enticing experienced US or European IT management professionals, they may have a shot at leveraging their massive manpower and grandly orchestrated state sponsored initiatives into a legitimate shot at the offshore services market.

I came upon this by way of a Slashdot article, which predictably attracts commentary from the peanut gallery on what utter crap is churned out by offshore development staff. Refreshingly, as also predictably found on Slashdot, other commenters point out that most domestic product is utter crap as well, and that being the case, why not pay less and import?