Earlier quoted context omitted.
If anything, the decline in needing cheap labor is going to be a problem for large countries like China. China needed those cheap labor factories to be the engine to help lift people out of rural poverty. Unfortunately that engine will now falter and many will be left behind. For an eye opening survey here, I highly recommend the book Invisible China.
+1 on Invisible China. Scott Rozelle's group at the FSI has been doing some good work on trying to alleviate the opportunity gap that exists in several prefectures in the PRC.
I bet Xi Jinping knows research work in the similar lines of Invisible China.
https://www.worldbank.org/en/news/press-release/2022/04/01/l....