Just three decades ago, the jungle of smokestacks that ruled the Shanghai skyline was widely regarded as a sign of modernity. Now we all know how crazy that kind of thinking was. Most city folks today are adverse to such chimneys in their neighborhood. Automobiles are now the new symbol of modernity.

Known as the "kingdom of bicycles" only 20 years ago, China has raced to become a kingdom of cars.

In just two decades, the car craze has propelled the country to become the world's largest and the fastest-growing automobile market. China's car sales exceeded 18 million units last year, and that number is likely to hit 40 million by 2020, the China Association of Automobile Manufacturers predicts. Major automakers, such as General Motors, Ford Motor, Mercedes-Benz and Hyundai, are betting big on China.