China has been the low cost producers for over a decade, for many reasons:
1) large pool of cheap labor with decent education (really "discipline");
2) infrastructure;
3) party dictatorship disallowing independent labor unions;
4) relative stability

Once China removes the low cost where do you find another place with the same scale of economics and with willingly suppressed wages? Vietnam may be next but it is not nearly as big.

I am not talking about shortage -- that is not an issue -- I am talking about prices of manufactured goods, which will in turn influence interest rate and asset pricing.