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.
Actually, there are many examples of the Chinese outsourcing production to Europe in the last years. One I can think of is the car manufacturer Great Wall, who made assembly plants in Europe so they don't have to pay the import taxes for their cars. And believe it or not their cars are being bought quite a lot. They fall in the same niche with the Romanian Dacia. Super cheap cars that supposedly have everything normal cars do. They've been in business the past few years and are expanding, so I guess they're making profits. There's quite a demand for this garbage.