http://english.caixin.com/2012-01-17/100349542.htmlInterview...

http://english.caixin.com/2012-01-17/100349542.html

Interview with Liu Mingkang, former chairman of the China Banking Regulation Commission

Liu: I've said in the past that this economic crisis will spread from the United States to Europe and finally land in Asia. Now we can see that it's already begun influencing Asia.
For example, growth in China's auto industry has been cut in half. A stock of over 750,000 autos had accumulated in warehouses as of November, now up to nearly 800,000. Even though this is all part of a natural cycle, cars grow obsolete quickly. This kind of stock could spiral out of control, which indicates that this is quite a serious excess of capacity.
Or take the shipbuilding industry for example. That's been affected by changing demands from Europe and the United States, too. As of right now, they haven't had a single order for a long time. I trust that the relevant state departments are already rigorously controlling the expansion of production capacity in these industries.