The interesting thing is that economist A. Bhide suggested that in fact R&D in companies has greatly declined, not because they are only concerned with the "here and now," but because so much of the R&D is being done for them by consumers. For example, cell phone apps. Apple and others don't have to research what the "next thing" is because their consumers are already telling them. Apple just has to focus on delivery.
China, as best I can tell, only supplys a small part overall of Amerian goods (as was the case with Japan, which was the big bogeyman of the 80s and collapsed due to government intervention in its economy). I'm not saying we don't need to take China seriously, and I'm not saying manufacturing doesn't matter---it absolutely does, especially in the national-defense related industries. I am saying don't discount the critical value added component of service. Just like energy costs, it permeates everything.
George Gilder used to give the example of a book called "Manufacturing Matters." He held it up and asked, how much the book actually cost to make? $1 maybe? But the book sold for $25. So where was the extra value? Design, print layout, marketing, sales, artwork and of course the author.