This is a wise move for all concerned. The Chinese need an opening into the US and buying the OEM saves them the trouble of going through the hoops of importing, crash testing, building physical plant, shipping etc. Built in brand recognition and boom, they're the biggest players in the biggest auto market in the world.
This is exactly why we should not be in the business of bailing anyone out. Not the airlines, not newspapers, not banks, insurance or anyone else.
These industries may or may not be vital. If they are, they'll spring up in a new form or somehow regenerate. Just as nature abhors a vacuum, so do markets. There's money in them thar hills and people know it.
In addition, any interlocking of our economies is good news. It ties our fates together which help reduce tensions. We'd all rather be making money and trading peacefully than shooting at each other. Blood is expensive as the old Mafia axiom goes.