I would like more context because the use of the 'THE' and the choice of undertake or implement (it depends on what you are trying to say) will alter the structure. What financial reform? Is there a previous mention of reform in the text? If there is no previous mention then it should read much more generally: "financial reform' not 'the financial reform.' Perhaps we can then work out if China is going to undertake to make reforms, or is going to try to implement those reforms. Ben is correct in that we need more context. As to the question mark - you have not written a question after the colon! Solution 1. The question then arises: how is China going to implement (the) reform? And is it? (.... , "How is China.... ?" is a style some prefer - with a comma, Capital, and speech marks) Solution 2. The question then arises as to whether, and how, China is going to implement (the) reform. Can you see the difference between How is China going to? And How China is going to. Others will suggest various options for the exact wording, but first we need to know if it's undertake or implement, and if you need the 'the.' Send context please.

1. "Undertake" is the wrong verb, to begin with! 2. You probably mean "The question arises as to whether, and if so, how China will implement the proposed financial reforms." Is that what you mean? If not, what do you mean to say? If you are writing an essay, I suggest you post the entire essay on Notebook. Do not underestimate the importance of context. You must give the full context if you want to get good answers from intelligent members.

There's no problems with how you wrote your sentence. Don't use the first one, it's a common mistake among learners of English. You're correct in thinking that the second one is grammatically correct.