I had a BS in Canada and China. However I value the BS here. The education is more practical and study load is very heavy too. I don't think most of under study back in China is as heavy as here.
As MS in CS, if you know how to do research or recharge yourself in Hi-Tech area, a BS in CS should be good enough. In that case, MS can be considered totally a waste of time or just be exploited by the prof :) unless you want to go for PHD to be a professional researcher.
Just back to the point, in 5-10 years, I think China will be like here, emphasis more on the resume than the degree.