The government is also spending billions of dollars to improve the environment, and has named car exhaust emissions as a major offender. Because of the urgent need, China's automakers, with help of the world's best motoring engineers, may speed up this area of research and development faster than others.
As the wheels of change have been turning for the past decade, Chinese carmakers have been the laughing stock of the motoring industry.
Detroit executives are not laughing anymore. With begging cap in hand, the bosses of the Big Three - Ford, General Motors and Chrysler - are now in Washington pleading for a $25 billion bailout for a problem, much of their own making.
The car bosses say US taxpayers money will help them develop more fuel-efficient vehicles, but why didn't they make these cars sooner instead of gas-guzzling SUVs and trucks with bigger profit margins?
They also started digging their own graves a while back by offering interest-free loans to people who could not afford to buy a bicycle, let alone a car.
This lack of judgment from both seller and buyer is why the world is in such a mess. Despite what any bank advertisement tells you, there's no such thing as a free ride.
If a man makes $500 a week, and spends $600, he may get away with it for a season, but not for the long haul. Now these long overdue bills have to be paid.
But here's the difference in China. The average Chinese man might make 500 yuan a week but will only spend 300 yuan. China is a nation of savers, and in recent times, a nation of aspiration.
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