My cousin just taught an ESL course over there for the past year. He said that almost everything we're seeing is like a good looking shell on a rotten egg. There's nothing to back up the shiny veneer.
Well, it's funny. My mom does business in China and goes 2-3 times a year, and comes back talking about how incredible their infrastructure is and how they're eating our lunch, but it's so strange how they keep building skyscrapers at a furious rate but all the buildings are 95% empty, and that all of the manufacturers they do business with have stopped expanding in China and have started moving operations to Vietnam, that the supply chain management is fucked and most of the material comes out defective no matter how hard they push their suppliers.
And there I am, practically waving flags, screaming "SIGNALS! WARNING! DANGER WILL ROBINSON, DANGER!!!!"
What it has taken a lot of businesses a very long time to realize is that very often wage rates are a very small driver of cost for many firms, and that when taken with the difficulties of managing an overseas supply chain and manufacturing operations, combined with the quality issues that most Chinese manufacturers have, along with currency fluctuations, et cetera, and the cost of constantly flying managers out to Asia for crisis management, that the cost of operating in China is roughly at parity with the costs of doing business in many parts of the US. This is all to the extent that "reshoring" is now becoming a common buzz word, referring to the act of bringing manufacturing jobs
back to the US.
There are a lot of jobs that aren't coming back, unfortunately. A lot of this is just due to people being out of work for so long that their job skills have deteriorated, or simply they're no longer up to date with the manufacturing technology being used, or simply that many of them have become so discouraged by the endless cycle of hirings and layoffs that they don't want to commit to any of it anymore, so they won't return even if the jobs are available.