Basically I've been planning for a few years to make China the focus of my 20s, thinking that being at the convergence of technology and a rising superpower would be pretty powerful. Taught English there in 2007, travelled there again in 2009, studied in HK in 2010 and interned for a games startup in Chengdu last year.
Still, my current plan for the next few years is to stay in the UK - the main reason is that salaries for programmers in China just aren't that attractive. Also, if you want a serious career in China (in whatever sector - counting entrepreneurship as a career here) - a lot of people have advised me that it helps to gain a track record in the West before making a serious move out there.
Note: the following is a mix of experience, second-hand reports and conjecture, I'd really appreciate someone in the know telling me where I'm wrong.
As a graduate programmer competing with Chinese graduates, it looks like salaries are between 5000 and 10000 RMB/mo, depending on location. If you can somehow leverage your foreignerness, you can get more, though I can't think of many ways to do that in the tech industry. Experienced technical management is in high demand, but not really an option straight out of university. Joining a big tech company (Tencent, Baidu, Shanda etc) and hoping to work your way up isn't that great an option, since there's no reason you'll be able to outcompete your hungrier Chinese colleagues. Joining a startup, maybe, but you'll still have to find a way to contribute beyond programming to make a better salary than the next FOB laowai teaching English or pretending to be a DJ. Starting a startup is of course an option, but even riskier out there (I'd feel able to start a tech startup in the West right now, wouldn't think of doing it in China without a few more years real-world experience).
Anyone actually working in China's tech industry with alternative views? Would love to hear them.