Oddly, China is slowly becoming a victim of its own success... With rising prosperity comes rising labor costs, which shift low-skill labor increasingly elsewhere.
One of the big areas where one may still look for cheap labor is Africa... If nations there ever get their political stability in order enough to be "safe" from a foreign investment perspective.
Which is why there's a country that's devoting TONS of capital and effort in order to develop Africa to that level of stability... And of course that country is China.
(To be fair, it's also about natural resources--much of China's investment is to secure development of those resources. Their investment isn't only about low-cost labor.)