Who is to say that a Chinese disk drive company won't start up? It will probably start out making components and gradually build up to making complete drive assemblies. Seagate will probably be the hardest competitor to crack since it is vertically integrated and the Maxtor plants will be integrated into Seagate's orchestrated manufacturing operations.
But there may be excess plant which is sold off. As consolidation in the disk drive business proceeds apace a Chinese concern may take an equity interest in a troubled HDD suplier.
In five years time we may be buying Lenovo hard drives. Care to bet against it? I wouldn't.