How long until China builds an F1 car?

[Rollo]

After reading this quote, I thought that this warranted a new thread:

I think it was quite an easy decision for him after China busted the wall down.

Just how long will it be before there is a Chinese F1 team?

I imagine that China will want to showcase its ability to build cars on the world stage at some point, and considering that F1 is potentially the biggest audience in which to do that in front of, then surely it's inevitable isn't it?
Geely has already gone Touring Car racing domestically, and there is a thing (which I know very little about) called The Asian Geely Formula International Open. Then I found this little beauty:


Am I clutching at straws here, or should we expect in time a full on effort from someone in China?