This isn't like the Japanese returns - as mentioned China is a great expanse with a billion consumers. They aren't just selling us back our own natural resources manufactured into an end-good. And they aren't as much of a law-abiding, civilized, thoughtful, or democratic society.
And Neil, I see it as very disturbing. It's not us selling to them, it's them coming to own our corporations and control them for their own interests. If the parent company doesn't originate here, do you think they'll worry about environmental assessments or impacts (and I'm positive government officials can be bought to look the other way). Likewise, unlike auto producers they're not worried about good wages because we're not going to be the consumers opening our empty wallets to buy the goods they're extracting. China is a big deal. They import technology and are becoming savvy at an alarming pace. And yet, because there's so many people wages in factories can be kept low for years to come outside the major urban centres.