I think a large part of it is simply the belief that people with well-connected parents will succeed no matter what, and for a poor farmer to get to the top (competing with 1.3 billion peers) they need to be both incredibly lucky and talented and hard working. I don't think they think it's impossible to do fairly well, no matter who you are - if only because the government wants them to think that. People tend not to riot if they believe they have other options.

Most Chinese tend to be fairly pro-risk, but only after they have a degree. Cushy government jobs, or white-collar jobs in big corporations are preferred, but a reasonable number of Chinese want to start businesses. You don't have to meet that many old ladies selling wonton soup making twice the average wage of a university graduate to know the value of starting a business.