I think the Chinese are looking at it in a semi-realistic fashion, to be fair. They understand the reasons that they are poor performers in world football; they aren't simply stamping their feet and going "why is this not working?" I think they understand that there is a definite path to follow to make the national team perform better, and that goes something along the lines of:
Raise profile of national league
Get more money into national league due to raised profile
See better continental performances due to the extra money
Create strong national academy system based on the enhanced power and experience of the clubs in the national league
Get better players coming through due to the national academy system
See improved international results when those players get to peak ability
I can't see them throwing the toys out of the pram until they feel the system has had time to work its magic. As said, my major impression of the future of these high-money buys is that they will wait until they believe that the new TV/sponsorship money has given the league enough cash to make it self-sufficient before stepping back from funding things. I don't think they'll base that decision off improved continental performances, and in fact I believe that - if the league succeeds in getting in the big money they clearly believe it can - then they'll slowly withdraw their funding before you start seeing noticeably improved continental results anyway (assuming that a Drogba or Tevez or Oscar don't manage to start single-handedly earning their teams CL titles).
one more obstacle is time difference at least in this part of the world....and in europe is about 6-8 hours depending where you are.....so eyeballs may not be there for them to get a good TV deal.....as for locals i dont know if they are really into it...or they prefer the premier league or other euro leagues.
still have to wait and see