Why are either of them so interesting in the context of US manufacturing?
The single biggest thing to happen in the last few decades is a couple of billion people (re-)joining the world economy (the PRC, India, the former Soviet Union, etc.).
To the extent a lot of recent manufacturing is satisfying basic needs we take for granted, e.g. refrigerators, isn't that likely to be all to the better?
What I'm saying here is that this gets complicated. Economies of scale are likely to give the manufacturers in the PRC the edge in supplying the world's demand for refrigerators, but on the other hand their increased demand for say aircraft and especially jet and turboprop engines is directly to our advantage.
Or perhaps I should say, this isn't a simple matter of winners or losers at this gross a level (PRC vs. US, US vs. the world). I expect the share of US manufacturing vs. the world's to go down during this period and I expect the trajectory of PRC manufacturing to be wild compared to ours.