The main China stock ETF (FXI) which is the Dow of China is trading where it was at the beginning of 2006. The Chinese Tech stock index is lower than it was in 2012 when it first started trading.
I think the theory was that jobs left the USA because labor was cheaper abroad.
With the advancement of robotics and AI, it would seem that once machines make the goods and labor is out of the equation, products can once again be manufactured in USA.