If you're hiring developers you're not going to put your offices in the countryside just like the US isn't hiring many programmers in rural Missouri.
E.g. here are listings for 1000 yuan per month or less: https://sh.zu.fang.com/house/c20-d21000-n31/ I wouldn't believe any of the other claims made (e.g. the size is probably exaggerated), but behind each of these listings is someone willing to actually offer living space for that price.
The highest price category on that site is 8000 yuan or more, which is $1163.2 according to WolframAlpha.
Real "bottom" for non-shared apartment in Shanghai is ~3000 rmb (~$500) for a smallish place with a 1+ hour commute. Rents in the downtown are around 10000+ rmb.
If could take classes in China and possibly get a job making 50% more there, I'd probably come back to the US instead. A 50% raise isn't enough to justify being half a world away from my family.
I want to raise my kid in a place where you can speak out about human rights abuses and not censor yourself because the government is listening.
But I do have political beliefs which would put me under threat in China were I to voice them or act on them. And I would want to raise my children in a place where they won't be discriminated against for being LGBT (although discrimination still happens in the US, at least you can be out and proud. In China, to my knowledge homosexuality is very much "don't ask don't tell")
IMO this is a quickly growing competitive disadvantage for the US.
https://en.m.wikipedia.org/wiki/Guangdong-Hong_Kong-Macau_Gr...
It took me awhile to get used to the Bay Area being used in Chinese news sources to mean something entirely different from in the USA.