Tesla has said many times they're goal is to make the same profit on each car no matter where it's sold and that they try to make the way the price of the car is computed as transparent as possible.
Their China pricing is just following through with what they said they were going to do. From a purely financial viewpoint, one could argue they're missing out, but I think it all goes back to Elon's mission of making every car electric. I think it also builds a lot of long term goodwill to Tesla, particularly in what is almost certainly going to ultimately be their largest market.
For me, I'm glad to see Tesla follow through on their earlier strong statements on how they'd planned to do pricing around the world.
Edit: Oh, and remember, Elon's talked about an "executive" version of the Model S specifically in regards to the China market. Given that has no current price, they could start with that puppy's price sky high and still hold to the letter of their "same profit everywhere" motto even if China is really the main market for it.