People wonder if these test scores in China are beyond the norm. But the bitter truth is that these scores are indicative of their Confucian training, not any independent thinking that a "standardized" test could evaluate.
The Chinese education should be noted for a strong emphasis on rote memorization and the regurgitation of lectures. Unlike most Western philosophies of education (e.g, Plato), the Chinese education system does not instill or encourage creativity. What you will find is that many students that have undergone a Confucian education system are extremely capable within their competent subjects, but they will have a difficult time coming up with creative solutions other than textbook solutions.
Confucianism (as I have wrote before) was adopted aggressively during the Qing dynasty, because it perpetuated the importance of respect to the state. It taught that one should respect the state, the teacher, and the parents, because if one did all three, they would naturally respect the power of the king. In short it became a way to brainwash. And predictably, most Chinese innovation during the Qing empire diminished.
You'll note that Asian countries have a difficult time creating software. A lot of software in China are clones of American counterparts. It's because Confucian thought has made it difficult for many in China to be creative.
I've personally tutored students from China, and many of them who excelled through the Chinese education system found the American university system extremely challenging. The greatest challenge for them was writing an essay. Many of their essays would read like semi-plagiarized versions of the history text, without a pervasive POV that stayed close to the middle without making a single claim. These students would often blame the essay-writing to their language abilities. I told them that even if these essays were written in Chinese, you still don't have an essay because you don't have a thesis, and the whole point of the essay was for you to take a side. And then they would ask me which was the correct side...
The point is that, yes, these test scores are very impressive. But I don't think other countries--in particular, America--are exactly boned. The one redeeming attribute is that we can have any idiot in this country think he's a genius, in some extreme cases, become a world leader, and that's the sort of mentality that will save us. Until China has a Google or Apple that can develop iOS or Android. But then again, China isn't known for having a college dropout culture, so it's hard to see if they will have a Facebook, Microsoft, or Oracle given that the cultural differences.