I have always figured this:
Once upon a time we had our own manufacturing industries. Then we began to allow cheap import goods from overseas, japan at first but most notably china. There was no way we could compete because the wages there were so low. After a while we sent all of our machinery to the scrap yard amd melted them down, sent the steel to china to make crap goods that we bought. The once thriving company i once worked for literally died because of China and the retailers that felt they had to stock imported goods, and in fact, they had to because their competition did.
Then one day, china will say something like "ha! You no can make now, you pay more!"
China is a two edged sword for me. I really try to buy australian made but it is damn near impossible. As a manufacturer, i loath China and actually wont sell or deal with them at all. They are the knock off kings and i will be buggered if i will send them my stuff to copy. I hate having to buy imported crap (and that is what most of it is) because i cant get better. I see all the clothing stores, all the hardware stores, chock a block of chinese and other imports and realize that $5 item i had to buy cost them 50c and some guy got paid 5c to make it.
If china gets dearer maybe, just maybe we will claw back some our manufaturing abilities, but i doubt it. The cost of re-tooling is to large.
Globalization has meant that Chine, tiawan, india etc are the manufaturing entities and the western world are the consumer entities.
I am lucky that what i make is one off custom work a lot of the time and my clientel like to deal with an aussie, that said, damn china is making inroads into my living nonetheless.
No love to china from oz