I've done more analysis on a similar test called PISA, but I think it's worth bringing up in the context of this debate. In standardized testing there are often significant underlying factors that have nothing to do with the schools themselves. From the executive summary of PISA: "[In the United States], after accounting for socio-economic background, the performance difference between students from single-parent families and those from other types of families stands at 23 score points.... Parents’ engagement with their children’s reading life has a positive impact on their children’s reading performance." Consider that the divorce rate in the US is one of the highest in the world, 5 times that of China. This problem along with any others is one that needs to be considered in the context of education.
Also, PISA was not done on China, but rather on two specific cities: Shanghai and Hong Kong (similarly, TIMSS was done in Hong Kong). Along with Beijing, these are the most advantaged areas in China in terms of both money and education. The US administers PISA to a wide range of schools across the country. I imagine we would see much different results if PISA only tested Boston and some other advantaged city. The PISA study itself even notes that scores were much higher in urban schools. Other countries are either testing exclusively urban schools or urban schools at a higher rate than the US.
There are serious, serious problems with education in the US. But it's important to look at these studies with a critical eye and avoid the temptation to go off on a rant on how the US is bad at math. Data doesn't lie, but analysis is often wrong and/or exaggerated. In sum, problems with education in the US are deeply rooted in racial, social, and geographic issues. Better management practices and policy reform, while good, doesn't change the fact that the US isn't Singapore.