China is now into CARS (and parts). They are buying, selling, and manufacturing them. With only 3% in early sales, Ferrari is definitely hedging on their future in China.
There are now a few millionaires in China (albeit many in trouble with the law). With China's population now buying cars, they have become the number one importer of Buick, which is the most popular car in China. Oldsmobile is their second most popular car.
China bought Hummer from GMC.
China had a great turn-out for Shanghai's April 18th Formula One event, and their two independent Auto Shows were full of attendees as well.
China opened its first Ferrari dealership two years ago with Felipe Massa in attendance for the Grand Opening. A Special Edition (Chinese Red and Yellow) 599 was the first car sold.
Today, Gov. Arnold announced that China's BYD Electric Car Company's North American headquarters will be based in Los Angeles, CA.
Ferrari worried about Knock-offs? I'm sure you're right! China has a long way to go with automobile development (crash test videos available on YouTube), but all of their cars look like copies of other marques - right down to the name "CHErY" with an obscure letter R looking like a V.
Honda is now buying parts made in China for their (Honda's) cars built in Japan.
Here is a listing of the Top Ten Chinese car companies... http://www.askmen.com/top_10/cars_200/222_car_list.html