With the amout of nitro used in our model fuels, there probably isn't any difference between the Chinese fuel and VP. With high volume of usage, the Chinese fuel seems to be "drier". It evaporates faster and doesn't have any lubricating properties even as a liquid. I don't know how to explain it any differently, just the difference I see after using each one. The VP fuel is the only fuel "legal" for competition in drag racing, but use the Chinese fuel (read cheaper) for testing purposes.
Also, on a side note, you can have a container of nitro (I've seen it done with about 1 cup) and drop a match in it and the match will go out. Its heat and pressure that causes instabilty.