This is 💯 valid.  The median wage in China is now almost exactly the same as the median wage in the US.  It isn't cheap labor any more it is LESS regulation in COMMUNIST China.  

It is also the technical knowledge there.  When your top tech talent is drawn from 1.7 billion you have more top talent than when drawn from 330 million. 

Same reason High School sports teams are in A, AA, AAA, etc. based on student count.

nostr:note1qw9t3dglschkwz5jcmjywq6c5kdewnz7ct9ljuygd6svm6mz4vlswzyq5l