A take-over of a large overseas auto maker would fit perfectly into China’s plans. As reported before, China has realized that its export chances are slim without unfettered access to foreign technology. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he’s in deep trouble.
If the US Congress allows such a deal to move forward, it would be a another example of China's "horizontalization" of its economy, as was the move of Hutchinson/Whampoa taking over the management of the Panama Canal some years ago.
And with China propping up so much of America's debt at this point, one has to wonder just how Congress could say no to this deal, were it to be consummated.