Your first paragraph is good news driven by higher Chinese labour costs. More investment in countries with higher costs will raise their standards of living too

Your first paragraph is good news driven by higher Chinese labour costs. More investment in countries with higher costs will raise their standards of living too. More manufacturing in the US, even with automation is still good. Those robots need to be monitored programmed and serviced, the factory needs supplies which need to be delivered. All income generating activities. Managers and investors do useful work growing companies and capitalising them to grow and prosper. There is a better balance to be struck though.