It does mean, though, that the Period of Stay you get now becomes real important: you don't want to be stuck with a 30-day limit for 10 years. Especially if China continues its normal practice of cancelling your existing multiple-entry visa if you need to get an extension of stay.
It'll also be interesting to see whether the fine print of the agreement allows 10-year visa applications outside your home country. The US-Russia agreement on 3-year visas has such a clause, but apparently the US-India agreement on 10-year visas doesn't.
As to the new passport problem, perhaps China will follow the Indian practice, in which you can either use your old passport or pay a small fee to have the old visa transferred to your new passport. Or perhaps China will be difficult and not issue a visa longer than your passport validity, which is the Russian approach.