http://www.reuters.com/article/2013/03/08/column-wasik-manufacturing-idUSL1N0C04C020130308
Labor rates in China vary widely based on province and city. Currently they run somewhere around $250 per month on the low end (Sichuan province) to $1,200 per month on the high end (Hong Kong) for skilled manufacturing labor. If you divide these monthly numbers by 160/hours per month you get an hourly rate between $1.60 per hour on the low end and $7.50 per hour on the high end. Still, much cheaper than in the US, but the gap is closing.
They might be changing but far too slowly to be a concern.
The Chinese have articles written every week about how they are about to implode, how their labor rates are skyrocketing, how their government own banks are going to collapse, etc.
It’s all misinformation to keep us from reacting to what they are doing to our industries.