China have factories, which work with equipment from former USSR, which is also very old. So you can understand, that China is very, very outdated. China can may be manufacture bicycles, but as far as I know even medium level quality bicycle manufacturing for China factories was very large problem for many years. 
Why are you talking about bicycles!? China makes just about anything you can think about in the world! China is the 3rd largest arms exported in the world after the US and Russia. They have plenty of weapons and they keep making more. I don't see how it's relevant, but I'm sure they have very modern bicycle factories. Does this look like it's from the former USSR? http://image5.sixthtone.com/image/0/17/300.jpg