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Get Ready Detroit--Here Comes China
China imports are largely mid- to high-end cars. China now exports almost exclusively low-end vehicles to other less-developed countries. China is just getting started producing higher-end cars. It takes time to develop the sensitivity to quality control that high-end products require, but they are getting there.

Understand this. The auto industry is regarded by Beijing as "strategically vital." As a matter of national economic strategy, China is not about to allow its car market to become dominated by foreign interests. They want to remain masters of their own house. I expect foreign firms to continue to be limited to ownership of 50% or less in China's domestic car companies.

The Big Three in Detroit and all major global car companies (Toyota (nyse: TM - news - people ), Honda

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