Why manufacturing shifted from US to China

Given that the yuan is pegged to the dollar, currency exchange is irrelevant to the decision to move production to China.  The shift has been based on:

-low total compensation for Chinese workers (base pay, health insurance, pension, unemployment insurance)

-limited regulations (safety, environmental)

-cheap cost of capital due to inflationary monetary policy in China

-lower total product costs due to shoddy design and use of substandard materials

-subsidization of foreign investment by the Chinese government to facilitate IP theft/process knowledge acquisition

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