Bang on.
China just had their huge Shangai bike show and whilst a lot of it was whack, there was actually signs of China giving it a real go.
For the longest time I've mostly seen China as a country known for counterfeit goods when it comes to the cycling industry, but this latest show had a lot more unique and innovative designs than ever before.
It's pretty evident just how new performance cycling is to China. It's mostly road bikes (hardly any mountain bikes at the show), and as the Nero Show guys pointed out (Aussie road cyclist YouTubers who were there covering the show), there wasn't any performance oriented consumables at the show (no gels, powders etc.), which really suggests just how new to performance cycling they are as a country.
As time goes on it's evident that brand loyalty just isn't as strong as it once was in the past. I've been saying "China is taking over" for a while now, whilst it might not be true (and mostly said jokingly) it's evident that there will be so much more good stuff to come out of China, like it or not.