Theoretically this is possible, but the Chinese don't have good technology. They only produce products. What is the point to move production from China to Europe? The owner of the technology can do it without China. The Chinese can become the investors to build new plants outside of China, but then the money will support the economies of other countries. Why is China? They see problems in the U.S. associated with the relocation of production to China.
Chinese have the technology. You know how? West has been busy exporting it to China for the last three decades.
The reason why they would outsource jobs is precisely the same, why west started to do it. Its profitable for the companies.
You already have large factories like that in Europe, so we are not talking about some distant future.
http://automotivelogistics.media/news/yanfeng-automotive-interiors-opens-second-czech-plant-to-supply-daimler