There’s a good article here talking about how JP Morgan thinks China has a huge labor problem. The article is worth reading, but a chart says a thousand words, so here it is:
Clearly labour costs are rising greatly. But is it a problem? That depends. It’s not like Chinese wages were high to begin with: if you are a Chinese worker, this is not a “problem” at all, at least in the short term. In the longer term, though, it will create some interesting dynamics both in China and outside when it comes to labour and capital worldwide.
Smart People I Know 
I think the outcome of this will be a similar standard of living worldwide after China and India both become developed nations. I think US and Canada are on their way to joining Europe as post-industrial nations.
I think you may be right. But I also think Africa is going to be coming up on the heels of China in the 21st century.