As somebody whose career was linked to well being of the Chinese manufacturing sector I can say that manufacturing was on decline for quite a long time, with first symptoms appearing right at around 2009-2011.
The way the new mayor of Shenzhen ordered to bulldoze all factories in city center at around 2009-2010 shows how much esteem Chinese government has for entrepreneurship.
Can anybody imagine a governor of California ordering to bulldoze all silicon valley corporate campuses on a whim just because he wanted to have few hundreds more empty luxury shopping malls and 5 star hotels with blackjack and hookers?
Replacing SV corporate headquarters by skyscrapers would probably help lowering real estate prices a bit. And if Google had to rebuild their HQ it probably wouldn't even change quarterly income by a lot.
Most Chinese companies that are on the radar now, like Xiaomi, have taken this path. They have learnt from western counterparts and built upon it.