No. It's because they have much lower skilled labor costs. See how much it costs to hire an experienced mechanical, hardware, firmware and software engineer in the US vs in Shenzhen.

You can't make a competitively priced consumer appliance or electronics product in the west anymore that's competitive to those coming from Asia and still expect to make western profit margins. Your profit margins will either be too slim to stay in business or to afford to attract any talent, or you can choose good profit margins but then your product will not be competitive on the "free market".

Why do you think there are no western companies making phones, TVs or computers any more since 20+ years? Apple is the only exception now, but let's not forget that before them creating the iTunes and AppStore markets that made them wealthy today, they were months away from bankruptcy when they were selling just computers made to compete with cheaper PCs.