We are I assume speaking about the Mainland here, as usual.
China has one of the world's greatest civilizations, complete with an ethical (better word is this context than 'moral', I think) code. The greatness of China on an individual level can be seen all around us. On a social level...well, it's a little different. Confucianism and Buddhism still influences the interaction of people on personal/family level. In fact, confucianism and buddhism go very well together because one moderates the weaknesses of the other. Some of those rules are a little archaic but you can't doubt the positive side of the Confucian pursuit of education and work ethic, and the buddhist philosophy of compassion.
The problem is outside the family, and in society. The commies quite deliberately destroyed the confucian and buddhist structure that held Chinese society together in constructing the great Stalinist edifice of the personality cult. That didn't work out too well, so the government turned to the pursuit of money as an end in itself during the 1980s. That's all fine for basic economic development, but it leaves society without a binding ethical structure.
Confucius famously said that a ruler must do not what is good for the State, but what is moral and just. When the rulers are cynical, greedy, unnaccountable for their actions, and indifferent to the welfare of the people, one can't blame society for behaving the same way, getting what they can when they can, and walking the other way when a two-year old girl lies bleeding and dying in the street.