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The answer is "yes", but definitely not this decade and most likely not in the beginning of the next. In order to become a world player, they will need to enter the most competitive, most profitable automotive market in the world - the US car market. Currently, no Chinese car manufacturer produces a vehicle that...

a. would pass the NHTSA
b. incorporates electronic stability control AND side impact airbags
c. uses an engine that can be used in the Green States (California, Vermont, Massachusetts, etc.)
d. has a design/uses materials that would not get them into trouble with US copyrights

I have a feeling, however, that some Chinese car manufacturers will meet all 4 of those standards by around 2011-2012, and from there will begin to gain international recognition. Probably by 2020, a Chinese car manufacturer will be a world player. To say which one is anyone's guess right now.
 
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