As on IITs I would not blame you. Watch the video yourself.
Save me the crap. How many students do IIT have in total? compared others in other countries. I come from a country with equally huge population. Do you know how many top student do we produce?
Now you're talking.
Bschools are the most sensitive to economic recession. Over the last few years, it's not surprising that placement rate dropped drastically. But your chinese friends should have no problem getting jobs in China, not counting last year.
As I said before, I give a zilch of what you think about IITs or US Bschools, neither I am here to convince you.
My Chinese classmates/alumni are really doing good. They occupy top/key positions both in state owned enterprises and MNCs in your country. They are serving your country really well.