I am probably not communicating well. 
You are close, but the manufacturer in China would only have to worry 
about either:
1. Building a PC that supported an given hypervisor (lets say VMWare)
or
2. Building their own hypervisor layer that is either written to a 
standard hypervisor API or they publish the hypervisor API so others can 
write a VM that would run on top of it.
The actual software that would run ON the hypervisor wouldn't 
necessarily be the responsibility of the PC Manufacturer unless they 
wrote their own hypervisor.  I guess they could write this application 
software and they *could* provide a ROM based version of it.  But the 
closest thing to a ROM based application might be the hypervisor 
itself.  The hypervisor *could* be firmware but it also could be loaded 
during a network boot of the PC itself.  This would be trivial.
Right now, a company like VMware writes a hypervisor that supports a 
given OS (if I understand correctly).  Therefore there is VMWare for 
Windows, VMWare for Linux.  It actually is tied to CPU architecture as 
well (x86 e.g. no support for running VMWare on Linux PPC).  This "Host" 
can then run a "Guest" OS within that VM.  VMWare supports many Windows 
and Linux guest OS's.  What I am talking about would be something like this:
VMWare writes a hypervisor that is specific for a hardware architecture, 
period.  They don't are about the OS, just the hardware.  So, VMWare has 
this x86 hypervisor that will run as long as the hardware is 
compatible.  Our manufacturer in China is only concerned about meeting 
the requirements of the hypervisor. Thats it.  So as long as China PC, 
Inc. has a VMWare hypervisor compatible PC, they are OK.
"But wait" you may say, "what can I run on this thing?" Well, perhaps 
our friends at Open Office invests in the time and effort to learn to 
write to the VMWare hypervisor API's and creates an integrated Office 
Suite that runs on that hypervisor.  THEY write the code to the VMWare 
hypervisor spec and the PC manufacturer also creates hardware that 
supports the VMWare hypervisor and the Open Office runs on the VMWare 
hypervisor running on the China PC, Inc's PC.  Even better:  IBM then 
says "Hey, we already have a hypervisor that runs on the i5 hardware.  
We'll publish that spec and help folks write applications to that 
standard".  In that case, again the Open Office folks go ahead and port 
their VMWare hypervisor code to run on the IBM i5 hypervisor and, Voila, 
we now have OO running native on the i5 hypervisor.
Now, I am not saying that architecturally this is possible.  Or, that 
writing a GUI application to the i5 hypervisor would be trivial.  
However, we have Linux running on a VM on the i5 hypervisor so I guess 
anything is possible.
The point is, the hypervisor virtualizes the hardware so that any 
application, be it a single app or a guest OS, can run on the 
hypervisor.  The PC manufacture only worries about having "hypervisor 
compatible" hardware, they don't necessarily write apps specific to the 
hardware or any apps at all.  They leave that task to the developer 
community.
Pete
Booth Martin wrote:
So, if I am understanding this rightly, a hardware firm in China, say, 
could make a device with a socket, or two, or three, and manufacture a 
chip to fit the socket that would have a few modest applications that 
ran quickly & well?  Say, Open Office and Mozilla?  There would also be 
a VM that could run Client Access, Adobe, and Paint Shop Pro, for instance?
  
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