Speaking and understanding Chinese to some degree is always good to start business in CHina. You don't want to sign something or agree to something that you have no idea what it is. Good question Obamao!

there is a strategy now? Well OK there is, but it is all about being opportunistic. Because of the size of the market noone cares if you are ripping off your customers, there are so many new customers. This is valid from small noodle shop to bigger industries. It is always possible to rebrand and hide past sins. 

If you have guangxi you will do well, if you don't it doesn't matter what you can do, you will be riding purely on luck. 

Step 1: Copy an idea

Step 2: Cut corners, lie, and rip off everyone you can

Step 3: ?????

Step 4: Profit

It sounds like you are looking at this from an employees point of view.  To please a Chinese boss, you need to do the following:

1) Agree to everything he says, whether it makes sense or not.

2) If you get red envelopes, make sure he gets his cut.

3) If you want a raise or key promotion, dinner & a thick envelope go a long way.

4) Never speak up.

5) Be in the office from sun up till well past 10pm.

Is it possible to run a business in China without knowing Chinese.  Yes.  I did that for years.  The most important thing for you to do is get an assistant whom you can trust since you will be relying on their word when it comes to translations and such.