The way I see it, the worst part about this is the Chinese clubs doing their share to prop up the already sky-high transfer fees, so in the end it will be bad for us and everybody.
Also, the Chinese clubs are paying HUGE, I mean HUGE salaries to these foreign players (in millions, on par with some of the wages paid by some top European clubs) so the less-than-ambitious and less-than-impressive ones are flocking over here in droves to get the HUGE paycheck. It is bad because that means these foreign players will be taking the place that should have been given to local players. In the end Chinese football suffers.