I think this is quite fantastic, really. If the Chinese program leads to some really extensive lunar exploration, more power to it. The Sixties lunar landings were awesome technical achievements, especially given the technology of the time, but they were really little more than publicity stunts. Anything that leads to greater exploration and understanding is to the good.
And if it prompts the US to try reinvesting in NASA, so much the better. The US and China are -- for all the rivalry under the surface -- already partner-powers economically in a way the US and the Soviets never were, so the possibilities for fruitful international collaboration are there if someone decides to take them.