Much as traders “talk their book”, they often ascribe ulterior motives to executives’ statements. Some suggested that the timing of the warning by Fiat and Chrysler chief Sergio Marchionne to western carmakers that they will be hurt by Chinese exports was calculated to influence negotiations with US unions. But his words should be taken as those of an industry visionary, not a negotiator.

It is easy for western groups to be complacent today, with no Chinese passenger cars on US or western European roads. General Motors just reported an 89 per cent jump in profits and the US car market grew faster than China’s in 2010. Despite the fact that China produces nearly as many vehicles as Japan, the US and Germany combined, according to the local industry association, many are low-end and only about 3 per cent are exported. In fact – and such a statistic is rare for China – it imports more cars than it exports.

Delving into the composition of those imports and exports, China’s trade deficit in finished cars is understated by units alone. Some 544,900, many of them commercial vehicles, were exported in 2010. The dollar figure per exported passenger vehicle is less than $6,000, showing why their value is appealing in markets such as Algeria, Iran and Vietnam. The leading import brands were the pricier Mercedes and BMW.