Here's a spin on this story dating back 1 year ago, along with problems China would face.
Let's head back to the year 2010, with another headline "End of Cheap Chinese Goods"
"http://www.huffingtonpost.com/2010/07/08/end-of-the-cheap-madeinch_n_639718.html
Every year since 2006, I hear stories of China wanting to grab the better jobs by abandoning their cheap manufacturing jobs that exploit their environment, quality of life and human capital. Chinese are great at stealing technology, not honoring trademark or intellectual property, why would anyone want to develop products in China or Russia when anyone can steal their ideas? ..
China paid some electronic engineers from Applied Materials, Intel, Cirus, Qualcomm to move over and share their ideas, after a year the electronic engineer project managers/supervisors decided they liked the United States better. Why move to a breathing hell on earth, unless you have been to China, you can't understand who you feel like your part of a hundred million hamsters cramming through the streets. China brings so much cultural shock to Americans teaching anything from Science, Math to English, you quite never fit in "Lao Wai"
More "End of Cheap Chinese labor 2010 http://seekingalpha.com/article/208105-the-end-of-cheap-chinese-labor
We can go back to 2006 and locate articles predicting the end of Chinese manufactured being cheap, and still we develop the problem in China with large amounts of unemployment (not on the books), leading to riots. What jobs are the Chinese magically going to steal from developed countries with great infrastructure, a clean environment, freedom of speech, freedom of thought, property protection?
How does India's large skilled labor force compare with China's manufacturing economy?