Chinese exchanges are FOLLOWING the leads of the Western exchanges. Their volume is quite low too compared to MtGox, BitStamp, BTC-E. So, I really don't think they are in any shape or form to have to ability to pump and dump. The rise in bitcoin price is an organic nature: market is anticipating the Wallstreet entry, the Christmas Syndrome (where bitcoiners tell their aunts, uncles, nephews/nieces/whatnots and they all to buy in), etc... China syndrome is over, they may have led the world to where bitcoin is now but their time is past, it's back to the US and the Europeans to lead.
Agree 100%
That said, the biggest problem facing the Bitcoin community outside China is psychological. As a Chinese contributor said the other day, if the Chinese get excited again and the price rises too quickly, the government might get twitchy. But as far as I can tell everyone is getting excited! This could mean further steps to dampen Bitcoin in China.
The key thing to remember and to explain to others is that at this stage the effect outside China is purely psychological, not realistic. But I am optimistic. I think we will soon break the previous ATH, strongly associated with China, and at this point it will become more and more clear that Bitcoin does not need China for plenty of growth in the foreseeable future.
