I reckon it's as good a time as any to come to China to teach English. In the last decade there have been no significant changes to the way China treats its foreigners except for during 2008 due to the authorities here having overreacted to the threat of terrorism. The Olympic year saw the introduction of restrictive visa regulations, which have since been relaxed.
The main drawback of teaching in China for more than a year or two is that you will generally be distrusted by prospective employers back home whenever you apply for jobs there. It seems that foreign countries distrust China just as much as she distrusts them.
I believe it's much better to be teaching in China than to be in a lowly paid deadend job or on welfare back home!