Price to acquire Chinese establishment’s latest mechanical device (7)
I believe the answer is:
ratchet
'mechanical device' is the definition.
(ratchet is a kind of mechanical device)
'price to acquire chinese establishment's latest' is the wordplay.
'price' becomes 'rate' (I've seen this before).
'to acquire' means one lot of letters goes inside another.
'chinese' becomes 'ch' (I've seen this in other clues).
'latest' indicates one should take the final letters.
The final letter of 'establishment' is 't'.
'rate' going around 'ch' is 'ratche'.
'ratche'+'t'='RATCHET'
(Other definitions for ratchet that I've seen before include "Device preventing backward motion" , "Set of teeth" , "Mechanical device preventing a wheel slipping backwards" , "Chatter about notch on wheel" , "Device allowing only one-way motion" .)