It is going to happen much sooner than you think, and its largely because the US Universities presently are the among best in the world. In the past when foreign students would go abroad to study at the world's best institutions they would often remain in those countries after getting their advanced degrees to take advantage of the best opportunities for work and research.

Today those same foreign students are still coming to the US (and other countries) to pursue Masters and Doctoral studies, but the difference is they are now taking that knowledge home with them as the opportunities for research are as good and in some cases better than in the coutries they got their degrees in. Microsoft, amongst other, has a huge research & development profile in China. They gain positions at Chinese universities and begin to transfer the knowledge gained at Yale, Harvard, MIT, LSE, etc to students in China. Soon enough they wont have to make the trip to the US for the coveted top-flight education.

So in addition to the jobs, China is also swallowing up the knowledge as well.