> After a couple of generations, it would be game over for Western global competitiveness.
I would expect that providing proper nutrition, health care, and primary and secondary education to the majority of Chinese children (especially those in the marginalized countryside) would be far more important than having a handful of rich families gestating designer babies.
e.g. iodine deficiency:
1996: "The World Health Organization says that of the estimated 1.6 billion cases worldwide of iodine deficiency, nearly a third, or 500 million, are in China." http://www.nytimes.com/1996/06/04/world/china-confronts-reta...
2006: "After a 10-year government campaign, over 90 percent of people use iodized salt, still leaving 100 million facing deficiency." http://www.nytimes.com/2006/12/16/health/16iodine.html