But some economists see such ambitions as somewhat dangerous. Yang Liqiang, a professor at the University of International Business and Economics, said most Chinese companies are not yet mature, and if they acquire foreign companies now, they could fail if they are unable to adapt to the international market.

"The financial crisis offers cheap conditions for Chinese companies to make overseas acquisitions, but at the same time, it also increases their uncertainties," Yang said. "Once you miss your step and are trapped, you cannot save yourself, but you will be dragged into the mire instead. Hence, Chinese companies must be cautious about overseas acquisitions."

Some Chinese companies already have learned hard lessons from overseas acquisitions that did not go as planned. In 2005, Lenovo Group Ltd. completed its acquisition of IBM's personal computing division. Before the acquisition, Lenovo had been focusing on the greater China market, and its profits here saw marked increases. But after the acquisition, the group's business performance began to slide. Its mid-year 2008 report showed that it lost $27.2 million in Europe and $23.2 million in the Asia-Pacific market. The greater China region was the only shining star: Although growth here slowed considerably, the company still made a profit of $108 million. But this profit was offset by losses in Lenovo's overseas markets, leaving just $29.7 million in operating profits for the whole group.

Overseas losses forced Lenovo to reconsider its overall market operations. In early February this year, Yang Yuanqing, the company's chief executive officer, publicly said that in the next fiscal year, the group would focus more on emerging markets including China, increase its input in the domestic market, renovate its sales outlets and expand its sales channels.

When asked if Lenovo's refocus on the Chinese market meant it was abandoning its overseas business opportunities, Yang said the group must protect its core business so it can be better prepared to enter other markets. He also said Lenovo could ensure its future growth only by making money from its core business.

TCL Corp. is another case in point. In January 2004, the large home appliance maker acquired Thomson SA, the French color television manufacturer. In April that year, TCL purchased the mobile phone business of Alcatel SA of France. At the time, many media reports said TCL would have the world's largest color TV business and the world's leading mobile phone business. But after both deals were done, TCL started losing money.

During the following three years, TCL had problems in Europe, and its total losses there approached 4 billion yuan ($584.8 million) by the end of 2006. Beginning from the second half of 2006, TCL had to tighten up and reorganize its business in Europe. It closed nearly all its operations in Europe and in North America that had been losing money.

Yang believes that Chery may face the same risks as TCL if it buys Volvo. He said there currently is no Chinese automaker that is strong enough to purchase a luxury brand like Volvo-not just financially strong, but more importantly, one that has "soft strength," such as a well-established history and brand, research and development capabilities, core technologies and competitive sales channels.

Yang said Chinese automakers may have a misconception about Ford's sale of Volvo, seeing it as a good opportunity to buy a luxury European car brand at a bargain price and become a high-end automaker in the midst of the global financial crisis. But this is actually not the case, he said. As a member of the top-end global luxury car club, Volvo is a brand that Chinese automakers are unable to "enjoy." Ford is selling Volvo not because there is something wrong with the brand, but because it is one of its measures to revive itself according to the terms of the U.S. Government's bailout plan, he said.

Some also have raised doubts about whether Chery can sustain Volvo's present sales volume in China, as well as in Europe and in North America. At present, Volvos are sold by 2,400 auto sales agents in more than 100 countries and regions. Analysts said because Chery is not a global transnational automaker, it would have problems managing Volvo's daily operations, as well as digesting and assimilating its technologies, researching and developing new models, managing its brand and sales channels and offering luxury-brand sales and service patterns.