I have done a fair amount of research into the outsourcing industry of India and China. So far I have found the claims of massive amount of IT job migration to India and China to be completely unfounded. In reality the number of jobs moving out are extremely small at this point. According to Forester research 3.3 million jobs will move out of US by 2015. That is an insignificant amount considering the total job turn over rate in US. See "
Ten Myths about Jobs and Outsourcing" for more details.
The outsourcing business in China is very small. There are hardly any big companies there that employ 10K+ people. Major fortune 500 companies have a presence in China but the number of employees that the have there is a fraction of percentage of their global employee numbers.
In India on the other had the outsourcing business is more mature. They are called BPO or Back Office Processing. There are a lot of call centers and credit card processing offices that employ 5000+ people. But even in India there is little offshore development of new products. Wipro and Infosys are the 2 major Indian companies that both do outsourcing and new product development.