China becoming an industrialized country and the people there slowly getting to a higher standard of living is actually a good thing for us humanists for whom all humans have equal rights.

The problem is just that we need to migrate our thinking from a colonial exploitive mindset to a more sustainable one. The US can in principle just rebuild all the industry it lost and everything is fine until the oil finally runs out.
But the EU needs to start accepting that they are not rich on natural resources and that the countries which are, are becoming less reliant on imports. That means that the EU will run out of things to give in exchange for resources. If resources can't be bought anymore, what is already there needs to be recycled to almost 100%. And no bloc can long-term be dependent on energy imports because when everyone is industrialized, everyone has basically unlimited use for energy.

The solution is self-sufficiency on a bloc level. China, Russia, and the US should have no problems being their own blocs. Everyone else needs to overcome the disputes with their neighbors and create or join a bloc.

Move all our production to a country that doesn't respect foreign IP? What could go wrong?