I'm not a fan of Chinese Math any more than the next smart entrepreneur. But I think that immediately dismissing it is not good either.
The fundamental truth is that it is incredibly hard to wrap your head around the size of a market. Six billion people on the planet, 300 million in the US, a billion plus in China - these numbers are impressive but meaningless because it basically impossible to really understand them. 
Try something simpler. Think of a football stadium with 60,000 screaming sports fans in it. Every one of those people has a home. With a bed, a toilet, a kitchen. They buy food. They drive to work. They buy toilet paper. They pay for electricity. And more.
This is the market.
Billions of individuals. Gazillions of dollars spent every day. To conceptualize it is incredibly hard. But the market does exist.
To build a company that sells millions of widgets a year to millions of customers, you should not start with the assumption that you will get X% of the market but simply with the assumption that the market exists. Focus instead on selling customers one at a time and building the systems to replicate that act. That is how you earn X% of the market. From the bottom up.
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