The Chinese CAN make as good a stuff as you can buy. BUT when they do the ONLY savings are in labor costs. If you need a 'Super Lazer, water cooled, belt fed, carbide tipped tool to build it they need to buy it just like us, the Germans or anyone else needs to.
Secondly finished product specs have to be as tight for them as for us and the INSPECTION and ACCEPTANCE process has to be in place to assure quality.
You put everything in place that it takes to deliver that product to the market place and Chinese can save a few bucks on labor but that is about all.
Only time will tell if the Chinese can do what the Japs did. Us old timers lived thru the Jap Junk invasion. The Japs got smart and today build some of the best and often times their prices are higher than the competition and so is quality.
That said I would not hold my breath on the Chinese to rise to that level, it does NOT happen over night. It takes a LONG LONG time to change the way folks think. If you have ever seen them in action: They sit down to a meal and eat one grain of rice with 2 sticks, then they haul two buckets of crap on the end of one stick on their shoulders to fertilize a rice paddy...that 10,000 years of progress is hard to turn around.