I believe that cheap labor in China has already begun to go away. Companies are now choosing other less developed countries to make their products. As China's economy grows workers will begin to demand higher wages and the quality of work will decrease until they pay their customers more and then they will pass on those costs to the businesses.
Cheap labor in China is already going away. When that does, China will become more like America and it will outsource its labor to Africa. Then Africa will develop over the next 20 years and be more like China. When the entire world becomes developed and everyone makes the same basic wage as Americans, then we will truly have an even keel with regards to our consumer-based global economy.
In 1949, Mao came to power in China, ending the centuries-long rule of emperors. The big complaint about the emperors living in their Forbidden City is that they had lots of money and good things while the average person did not. This ushered in the communist revolution in the People's Republic of China. Ironically, they are creating the same conditions that existed prior to 1949. Many people work for almost nothing while a handful of people are getting rich in China. These newly rich people need to watch out because they could find their money gone when the next Mao comes to power.
While the labor may not always be China-centric, there is always going to be a fount of cheap labor available for exploitation. Whether that is in South Asia, Africa, or South America who can say, but cheap, near slave labor, is an integral part of the capitalistic system that most of the major powers in this country participate in. Worker rights will surely expand in the decades to come, but it will never reach an equal plane unless the governments of those countries want it to and those governments, especially China's which is largely governed by the most wealthy people in the country, absolutely don't want it to.