No, China is running into a labor shortage. 18-year-olds are getting relatively thin on the ground, for both demographic reasons (one child was ~25 years ago), and because immigration from rural to urban areas has undergone an inflection. Factory workers in a good area can thus get very high (by Chinese standards) wages. Food prices are also going up. They won't admit that inflation is out of control, but it is. Factories are moving inland, or to Vietnam or India. China is looking at Africa, in the long term.
In some cases, work is going back to the US - US workers have higher productivity, the company can sort out quality issues much faster (waiting for a ship to take your whole order to the States, then realizing there's a problem would be expensive), communication is easier, IP doesn't get stolen, and so on.
Also, the cost of living (especially accommodation) is crazy-expensive (by Chinese standards) in the big coastal cities.
China needs to get high-tech before it gets old, and there's already a few grey hairs showing.
In some cases, work is going back to the US - US workers have higher productivity, the company can sort out quality issues much faster (waiting for a ship to take your whole order to the States, then realizing there's a problem would be expensive), communication is easier, IP doesn't get stolen, and so on.
Also, the cost of living (especially accommodation) is crazy-expensive (by Chinese standards) in the big coastal cities.
China needs to get high-tech before it gets old, and there's already a few grey hairs showing.