As far as growing coral are the Chinese LEDs more then capable?
Absolutely! I had a 180g tank full of sps and lps corals under 2 Chinese fixtures (the 32" versions).
What would be the difference between one of those lights and say a hydra?
As far as the light that they make, very, very little. As far as how your coral will respond to them, even less.
Some Chinese (more often called 'black box' fixtures now) are very basic with just 2 channels and manual dimmers. That's really all you and the coral need.
However, there are Chinese fixtures that have up to 6 channels of color control, sunrise/sunset intensity control, wifi, remote controls, slimmer modern looking cases and almost anything you'll find on higher end fixtures. The difference is how much profit you want to give to the seller or manufacturer!
Last what would be a good Chinese light?
From basic to top of the line Chinese fixtures I'd recommend: Mars Aqua, Galaxy Hydro, Viparspectra, Euphotica, and SB Reef. And these two are made in China, but they aren't the standard black box look and they offer higher end features along with slightly higher prices (but still much less than AI, or Radion) Reef Breeders, Maxspect.
This post has some more basic info on brands and features:
http://www.reefcentral.com/forums/showpost.php?p=25052764&postcount=233