It totally is.
It just needs careful thought and consideration.
If done properly, it will benefit absolutely everyone, but especially vested holders of Steem.
I can't say how much capital would be invested in Steem, but if what happened to Bitcoin is any indication of the potential future rewards for this project, I'd say the payoff could be out of this world.
China is currently the best candidate for Steem adoption... There's so many factors I feel I could go into in further posts about this idea.
It would work. We'd just have to slightly tweak the current notion of what Steemit is and how it currently works to fit the bill. Provide an appropriate product, and the Chinese will buy, buy, buy.