China was an original member of the IMF that was created in Bretton Woods, NH.
China was a member since December 27, 1945.
The currency exchange rate regime created at Bretton Woods applied to China...
The IMF came into formal existence in December 1945, when its first
twenty-nine member countries signed its Articles of Agreement. The
countries agreed to keep their currencies fixed but adjustable (within
a 1 percent band) to the dollar, and the dollar was fixed to gold at
$35 an ounce.
link to the source
The Bretton Woods agreement was a fixed currency exchange rate agreement and an agreement to create the IMF and IBRD/World Bank for lending and development. The IMF would lend to governments. The IBRD would support reconstruction from WW2 and "developing" countries by lending.
The term "capital control" is usually meant to mean limitations on movement of liquid capital (money) and limitations on investment. Of what was in the Bretton Woods agreement, it seems only the currency exchange rate agreement is remotely similar to a capital control.
A managed currency exchange rate regime like the Bretton Woods agreement reduces volatility in the values of currencies but the end of Bretton Woods doesn't stop China or even a more market oriented country like Canada from intervening in currency markets as this 2022 headline indicates...
Yuan Plunge Nears 14-Year Low, Inviting Aggressive PBOC Pushback
link to the news article source
The "flow of jobs" from developed countries to China is mainly attributable to lower costs in tradeable goods manufacturing in China, much more so than attenuated currency volatility under Bretton Woods and subsequent PBOC currency interventions that also serve to attenuate volatility. This view is supported by the observation that since 2014 the PBOC has reduced its holdings of foreign denominated assets and yet China's trade surplus is significantly higher than it was in 2014.
A graph of PBOC foreign denominated assets measured in millions of USD...
A graph of China's balance of trade measured in billions of USD...
The decrease in the level of foreign denominated assets between 2014 and 2023 suggests that the PBOC does not have to continually issue CNY to buy foreign currencies in order for China's trade surplus to grow. So what happened to the earlier larger holdings of foreign denominated assets? Since total PBOC assets have not decreased, indeed the total is larger than it used to be, it means that domestic, or CNY denominated assets, have replaced some of those foreign denominated assets. In effect, the PBOC was a net buyer of its own currency between 2014 and 2023. In this period at least, that activity is quite the opposite of being a net seller of CNY in the currency market in order to increase exports and decrease imports.
A graph of PBOC total assets measured in hundred million CNY...
China's manufacturing wage is 97k CNY per year which is 13.3k USD. In the U.S. the manufacturing wage is 55k USD per year on the basis of 26.53 USD per hour.
source for China manufacturing wage
source for U.S. manufacturing wage