What they have going is low wage manufacturing.
https://wage.is/china/
They have a much lower cost of living, that partially compensates for that.
"Americans make about 4 to 5 times more money on average than workers in China. However, rent and everyday services in China can be 3 to 4 times cheaper. While China's lower costs help balance out their lower pay, American workers still have more overall buying power."
Not saying I'd want to move to China, but it's not just about wages.
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