What do you suggest that we can do about it? It's not bitcoin's protocol fault that the chinese are lucky enough to be in a position where they get tons of cheap ass electricity. So unless you manipulate the protocol and intervene, it is what it is and we can do nothing about it, unless of course you want to start applying interventionist politics and start regulating the marketcap like I said before.
Nothing to do with their cheap electricity.
The issue isn't so much the electricity, or the effective monopoly they have over there with the mining equipment, or the laggy GFC.. its the utter dishonesty displayed by the majority of the players over there. Mining each others headers (Antpool, F2pool, BW, BTCC, VIABTC all do it), submitting empty blocks, block withholding (particularly antpool), scavenging to include only the tx's with the best fees. It's actually embarrassing for most, but they don't care, its a living for them.
They don't play by the rules, its dishonest and to be blunt, cheap.