Anywhere but China (ABC) when looking for a factory nowadays. But 'Who lost America?' for China? They had the biggest lobby in America, the US business community. Advocating stronger, deeper ties with China.
US and China are still intertwined though, and have 40 years of ties (sending kids to study in the other country, buying factories in the other country).
It is thought that although they are competitors and peers, they do not share values. How true is this? Tom Friedman says this difference in values didn't matter while China was selling the US low tech goods, but when China started selling really important tech, that value difference became important.