"It is easy to envision a scenario in which a forward-looking, space-faring and developing country like China, or maybe even India, undertaking a lunar development activity and sparking the next great space race, the moon rush. The Moon Treaty is no impediment, and the Outer Space Treaty is acknowledged as debatable on the issue of private appropriation of lunar materials."
...
"The biggest obstacle to these lunar activities will not be the legal issues behind the Outer Space and Moon Treaties, but the materials processing capabilities that have yet to be demonstrated."
http://www.spacer.com/news/oped-02c.html

I don't necessarily agree with the article's points, but still it's interesting.
I think main barrier to lunar development is the current uncertainty regarding lunar water. If there was more certainty then it *could* be possible to get the capital needed to mine it.
And this is one reason why China could go to the Moon whereas we are currently are "unable". China can't really "lose" by investing resources into a program to go to the Moon. When China actually goes to the Moon, is a uncertain- China doesn't seem to be is a big hurry and in some ways this makes sense.
In article it talks about China involved with project which beams power. This is a key technology for space development- not just to beam power from space to Earth, but also may be cheaper way to get power to the Moon to be used for early development.