It is my opinion that a college degree earned in China is worth about the same as one earned in the United States because both have equally positive and negative traits that come with them. China is growing as a nation in a financial sense and can offer new opportunities, but the United States is more stable. This stability allows people to know what to expect in the job market.
I do not believe there are many differences between China and the United States. I believe when it comes to the common person in either of these countries, there day to day life is probably pretty similar. For that reason I believe it is reasonable to assume a college degree is worth about the same as one in the United States.
The culturally acceptable practices for colleges in China are much different from the United States. Plagiarism or paying someone else to do your work is much more acceptable in China, leading to graduates who may have not done the work or learned the material. Since the requirements and expectations are different, the two degrees are not equal or the same.
The standards of education in China are different from those that are in the U.S. and, while it may be unfair, the fact is the education system in the U.S. is highly respected, more so than the education system in China. The fact that many students from China will travel to the U.S. for a college degree is an example of this. You do not see U.S. students traveling to China for a degree at the same rate.