Its not just the labor costs. Regulation accounts for more than the labor costs.
The Chinese standard of living is growing and manufacturing is starting to move elsewhere. All except for the slave labor camps.
Can you provide any hard data on this? What industries are leaving China? Where are they going to? I'm sure millions of people are getting wealthy in China, and China will be moving upscale rapidly in the world. (Among other things, that probably means that the Chinese will invest more in their own booming economy instead of propping up our rotten welfare state.) Wealth has always come from real production, not service jobs. ("Service" jobs are for "servants.") America was once the wealthiest nation on earth because of its enormous industrial productivity. We threw that all away so we could have cheap clothes and cheap electronic toys (with which to sit on the sofa getting obese).