Does "race to the bottom" fit the low price goods Made In China?

Unfortunately, this phrase reminded me the goods made In China. From a language point, does "race to the bottom"  fit the many low price goods Made In China, exported or not exported?

Just saw a news from WSJ:

Geithner Wants Global Rules on Derivatives

Geithner is calling for new global standards on derivatives trades, warning that failure to coordinate internationally would lead to a "race to the bottom" as companies seek out jurisdictions with the weakest rules.