plawolf
Lieutenant General
Philippine is anti-Chinese also, and also have dispute with China. So as far as risk is concerned, there is really not much difference.
Thailand is unstable politically right now. And both Thailand and Malaysia have wage level that is above that of China, so there isn't any point economically to relocate there rather than relocate back to China.
Look further from home.
Africa is a huge market for Chinese goods, and is also much closer to Europe than mainland China.
Major Chinese firms, with government backing, and probably also a little direction, have spent the last deade or so quietly but steadily upgrading much of Africa's basic infrastructure.
I think it would be the logical next step for Chinese and other manufacturers to eventually set up production facilities in Africa to take advantage of its vast natural and human resources as well as the new infrastructure China has been building, and use its close proximity to Europe and the Middle East to gain an advantage over producing in South East Asia.
China already have significant investments in Africa, and that is only going to grow exponentially. I think one of the key driving factors behind China's naval modernisation, and especially its carrier programme, is to give China the ability to protect its growing interest in Africa. Conversely, once China has a powerful world class navy with multiple carrier groups, I think major Chinese firms will find it much more attractive to go into Africa knowing that they have all that military muscle to back them up if needed, so a repeat of the Lybian experience would not be allowed.