Your talking about China and India.. Or Chinese and Indian... Talking bout the 2 Country Population or Singaporean Indian and Chinese Population?
..To me, This type of Questions is more on an Individual level... You cant say a Country is happy as a lot or sad as a lot. China is a Country which is Money driven, And more money More happiness, But that too is on an Individual level. India is more of Religion/God base(Obtaining Nirvana and putting aside Materials and living with nothing).. Happiness to them..Comes in Worshiping and living as a whole with Equal rights(India is plague with Race/religion issues up till today)..That too is on an Individual level. Unless you have GDH(Bhutan version of GDP.*Gross Domestic Happiness)
In fact its very difficult to compare.. Happy who? The commoners who are a large population of the Country?(Which still lives in Poverty or struggling in Life) Or the Rich and Elites of the Country which is a small Majority(Who is benefiting from the boom) One will be happy the other will be Sour.
If you talking about Singaporeans. We must include the Malays as well .As a whole. 1 Singaporean... As we grew in the Same system and lived our life pretty much alike..Other then the own family/religion customs. Hell Most of us was also born at the same place...KK Hospital. Singaporeans as a whole can be said to be Struggling and our Happiness only comes out when in the company of Family and Friends. Most of us when left alone are walking around the Island as Very angry people, whom seem to see ourselves as better then the other or we see ourselves More deserving then others infact.. Most Sinkies dont even know life exist outside this tiny red dot.
Among Singapore Races... There is abit of difference in what is Happiness and how happiness is found.. We cant really compare The indians with the Chinese.. Cos The indians are pretty much on the Netruel.. They are able to go both ways in how they obtain happiness. Comparing the Chinese and Malays is slightly easier. One race is money driven thus more money more Happiness) The other is happy with what they have."(What is god given)... One enjoys life when in the company of friends and is happy with life given by god and Just because he has mellowed down and goes to the Mosque every friday and is a Good Muslim.
On a Unity Level.. I guess Singapore is still not United. The chinese cant live with the Malays/indians... And vice versa.. One likes to compare with the other. Malays/indians can generally live happily together but the Chinese do have problems integrating with the Minorities and is always seen Suspiciously among the others esp by the malays, Whom pretty much doesnt like them..Up till this day.