The sale of GM's Hummer division to China was front page news and used by many a bloviator (see my main man Peter Goodman here) as an another example that CHINA IS TAKING OVER THE WORLD!!!
As Goodman said:
More than a merely economic event -- the latest sign of China's rise and American struggles -- the deal is a cultural moment. ... China has come to embrace many of the attributes and modes of consumption that Americans may reflexively consider their own, complete with the sprawl and tangle of highways familiar to any resident of Los Angeles or Atlanta.
The problem is that, according to Chinese state-run radio, the deal isn't going to go through. The BBC, quoting state-run radio here, reported that the country's planning agency would block the sale on two grounds. First, it said, Hummer is at odds with the country's planning agency's attempts to decrease pollution from Chinese manufacturers. (Um, I'll say.) Second, the prospective buyer, Sichuan Tengzhong, is a construction equipment maker with no experience in manufacturing cars.
So much for the Hummer, or (in Chinese) "bold horse," galloping across China. And perhaps we can hold off on the China-taking-over-the-world schtick, as well.