Interesting and no, I have never seen a .45 P.38 either, but I don't doubt the ability of any reasonably good machinist to make one given time and money. There should be no doubt that the Chinese are capable of both copying and doing original design work.
Why would such a pistol be made? A pre-production prototype is one possibility, maybe for a project that was shelved after the U.S. banned import of pistols from China.
An expensive fake? Maybe, but a faker would surely have put Walther's name on the gun and passed it off as an unknown, but possible, prototype of a gun that was actually advertised in the U.S. before WWII.
Jim
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