IQ v EQ? More Studying for Our Children to Compete with Chinese?

As the Chinese Education system reveals it's intensity, are we faced with shaping up by putting our kids under more pressure to spend longer studying? Many parents are already 'full' in terms of how much they give to kids in extra cirricula activites, more studying could only take away from this.

What implications does this have for children of the future, will socialisation and play - essential creative foundation stones of future leaders be sacraficed for 'better ratings'?

http://www.theguardian.com/world/2014/feb/22/china-education-exams-parents-rebel