In terms of public education, I'd say at the moment the Chinese feel that the education system they have is fit for purpose. I mean a well educated population is not going to do the kind of poorly paid, boring jobs that most Chinese people do on a daily basis.
In the future, the socio-economic situation might change and therefore education will need to adapt to meet the needs of that time.

As far as the quality of private education is concerned e.g. Crazy English, et al, I still find it hard to believe that people will pay for the kind of thing that's on offer. If people are happy to buy rubbish you'll always find someone who is willing to sell it (simple supply and demand). If and when that mentality will change i don't know.