That's nuts.

Two years ago, I was trying to ship a single 20' container from Kuwait to the east coast and nobody would touch it for less than $30K.

As for China specifically, I do remember reading somewhere that the average wage in China now is higher than Mexico, so aside from projects that require massive amounts of manpower (i.e. Apple), it just isn't as cost effective to build things in China anymore, even with shipping costs dropping.