That is very very economically unhealthy for the private sector.
Also, China does not have the environmental, retirement, medical, worker safety laws, etc. in place that the US does...those cost money and that is reflected in the price of US manufactured goods, wages aside.
The true wealth of a nation is measured by the harvesting & refinement of domestic natural resources that are consumed within its own borders. Exports are gravy profits. No such manufacturing, no real value in the economy - no value globally for the country in question currency.
The idiots 'occupying America' cannot understand that Wall Street, The Federal Reserve, The US Congress (laws written for us by contributing lobbyists basically), the Treasury, Fannie, Freddy etc., have been working together to destroy the US middle class.
They have almost succeeded.
With corporate income taxes at 35%, 'cronified' tax loopholes for the top/favored political corporate contributors, the EPA, etc...over 50% of industry has vacated US soil.
There is no such thing as 'free' trade.....the US blue collar worker and the poor Asian slave laborers are paying the price.
Millions of clerical, accounting, shipping, maintenance, mid-level managerial & engineering jobs have also off-shored too.
Look at the poor countries in Africa...what do they all have in common...virtually no industry to produce domestic consumables or domestically made industrial equipment to fabricate those consumables.