The only reason you can read what it says when you stretch your eyes out, you actually stretch your eye muscles. Resulting in a blurred vision. When you blur your vision, the first thing you will not be able to see anymore is depth. Without depth, the picture turns 2D, allowing you to read the text.
Oriental people may have stretched eyes, but their eye muscles are pretty much identical to ours, only shapen a bit different (hence, the stretchedness). If they would see things the way you see when you stretch your eyes, they would be unable to perceive in 3D, and I highly doubt this.