As i recollect, too, Italy (and maybe the EU in general?) has a pretty low standard of what constitutes "made in Italy"; something on the order of the final 10% of production, which powder coating might be enough for. (<-- don't quote me on that, my EU knowledge is spotty.) Many carbon bikes are made in China because the process is fairly environmentally toxic, never mind that labor is cheap (and the laborers also pay an environmental price in health; but like i wrote: they're cheap). It ain't pretty; it's just another day in globalization.
The process you're looking at is generally known as 山寨 (shan1zhai4)—other countries/people's R&D, and then the Chinese knock-off (which can be anywhere from same as OEM to much much less).