Foreign capital helped build China into a low-cost manufacturing powerhouse and global growth engine. But wages are rising and its increasingly urban population has higher expectations in terms of jobs, working conditions and the pollution that often comes with low-level manufacturing—expectations that have eroded China's cost advantage.
Look at that: "pollution." That's why jobs moved from the US to China.
Along with a lack of environmental standards coupled with a lack of labor rights and proper worker-safety, the US simply opened the so-called free market doors rather than requiring those who wanted to import into the US to have reasonably high standards while the US continued to improve its own industrial, manufacturing, and other processes to protect and enhance the US economy, environment, standard of living, and overall quality of life. What a huge mistake that was, and I said so at the time.
Did the superrich care? Most of them did not and still don't.