I wonder if an American shop over there invented that bit, and the ChiComs stole it? I would like to think that we might be smarter than they are... Oh Well.
How far we have fallen in manufacturing technology!
It’s called a Watts drill... you can buy them in the US and drill your own square holes....
http://blog.makezine.com/archive/2009/10/drilling-square-holes-with-a-watts.html
Sort of looks like the “piston” (rotor?) in a wankel engine.
It was patented in 1918 - now that was a clever AMERICAN fellow.
http://books.google.com/patents?id=mPJcAAAAEBAJ&zoom=4&pg=PA49#v=onepage&q&f=false
It’s old news, and not even a clever Chinese invention...:^)