I hate to keep showing my age, but when I was a kid, we'd watch all the old cartoons, and a common theme was some gadget or toy would break into a thousand parts, springs fly out, and the user would turn it over and there'd be a "Made in Japan" sticker on it. It was a common gag, and there was some truth in it. Japan made and exported a lot of junk in the 1950's and 1960's. Made in Japan meant shoddy cheap garbage.
Now we know that Japanese products are some of the best-engineered and highest-quality stuff out there.
China is now Japan in maybe 1980 or 1985 in the quality sense. Let me give an example of something I know well... machine tools. I am a fan of hobby metal-working and machining. Back when I started in 1985 or so, a good Western-made bench lathe was $6,000 to $10,000. China entered the market with cheap lathes that were $1,200 or so. The quality was not good. But they responded, and what China now makes is excellent equipment that is 95% of a machine like a Hardinge HLV or Bridgeport mill at 1/3 to 1/2 of the price. But I think as the quality improves (as it is doing) then prices will also rise... it is inevitable.
I have a Chinese vertical mill, and a U.S. lathe. The Chinese mill is excellent and has served me well for a decade now.