Being an Engineer who is working in China right now, and had worked in north america; and one whom know quite a few engineers around....
Here is my 2 cents.
A lot of what people say about China making low end products is correct; but on the flip side, China is at pretty much the forefront of technology. Just because China did not have an industrial inertia like the UK which industries are based on turn of the previous century logistics and manufacturing processes, the US which is based on the ww2 war economy, or Japan/Germany which is based on the rebuilt period after ww2.
So Chinese factories can be hyper efficient compared to developed countries just because it is built with a more updated philosophy and technology. A very simple example is, China can build a factory with a 100 tonne crane which is much more efficient than a 50 tonne crane in a developed country which was state of the art when it was built; and that to upgrade that crane would cause interruption in production; so the technology inertia is holding developed countries back.
But on the more technical side, here is a stamping line made by JIER for Ford Motor company to be installed in the US.
. This production line can produce 15 parts per minute, which is 3 more than the German proposed line for the same tender and at a fraction of the cost - like 50% cheaper.
Another thing is, milling machines, you can readily buy large 5 axis milling machines in China. These milling machines are not easy to make, and are much harder to program. Regardless of it being stolen/assimilated/copied/observed technology, this is still a phenomenal achievement to be able to make these machines. US-Japan had a huge row when Japan sold USSR a few such milling machines:
Today, only Japan/USA/Germany/China can make 9 axis milling machines;
Another would be high speed trains, yes, China brought a few dozen trains with Bombardier CRH-1, a few dozen bullet train from Japan CRH-2, a few dozen trains from germany CRH-3, a few dozen from French CRH-5 (obviously not good to name a series of trains after 4 for death). All of these had TOT, and with this TOT and some ingenuity, Chinese engineers had combined the technologies into the CRH-380 series. i.e. from high speed trains with 200-250 km/hr, China had pushed these to 300 km/hr service speed right now; with the CRH-380, these train designs will be at 380 km/hr service speed. This is no small feat.
What I am trying to say is, China is a very strange case, yes, on the bottom of the scale, you have really retarded things like fire escape stairs that escapes to nowhere or very cheap and flimsy goods. On the other side of the scale, you do have something that is at the utmost forefront of technology.