Number two seed Coria fought back from the jaws of defeat to beat Sweden's Thomas Johansson 4-6, 7-5, 6-2 in the day's first semi-final in Beijing.
Nadal broke to take a 5-4 lead in the first set before closing out with an unreturnable serve to sixth seed Ferrero's body.
The 19-year-old Nadal gained the decisive break in the second thanks to a wild forehand from Ferrero and secured victory on his second match point after another forehand error.
Nadal, bidding for his 10th title of the year, had won his previous three meetings with Ferrero -- all on clay -- but had never faced the former world number one on a hard court.
Coria was on the ropes in the ninth game of the second set but fought back to break to 5-4 when he chased down a Johansson drop shot to produce a superb angled winner.
It proved to be the turning point.
"It was an incredible point and a huge point in the context of the match," said the world number eight. "I think he lost hope after that point and after having had three match points."
Last year's French Open finalist raced through the third set as fourth seed Johansson wilted in the fierce heat and wrapped up victory in just under two hours.
"Guillermo's a great player," said fourth seed Johansson. "He moves unbelievably on the court. You're almost surprised when you hit a winner against him."
Coria, a quarter-finalist at the U.S. Open last week, is chasing a second title of the year and trying to secure his place in the season-ending Masters Cup in Shanghai.
