Regarding to your question for massive foreign reserve, you need to understand what is foreign reserve. It has two main source foreign investment and export. China has enjoy high level of FDI over last 10 years.China's economy was export driven, until only recently when the domestic demand has gained momentum and export growth rate is tumbling down.
It will take some time before the "export driven" tag can be removed completely.
And as far as India-China comparisons are concerned, Indian economic reforms have been more than a decade behind China right from the beginning.
There's catching up to do and China's needling + use of Pakistan against us is not helping the cause either.
China's aggression in the region specially with smaller neighbors is not helping their own cause as well.
They've started blowing hot and cold a bit too soon. Sometimes it is called 'punching above one's weight'.
Regards,
Virendra