The Chinese stuff is starting to get better in a lot of areas; I bought a harbor freight wood chipper that's still working well after I tried real hard to kill it and a Chinese made Sears Garden Tractor with a Kohler engine that's on it's fifth years of service. I remember when the Japanese first imported cars, lots of problems; now they are among the most reliable. But, I don't see another source for low priced anything other than Asia.
Indeed. While there's still a ton of cheap junk that comes from China, so much of what we buy and use is made in China, much of it not bad (e.g. laptops, cell phones, tablets, TVs). All Macs, iPhones and iPads for the US market and most of the world come from China (at least assembled there).
I hear that China's becoming too expensive in terms of costs, so I've seen more stuff coming from Vietnam. My Brother (a Japanese company) all-in-one copier, scanner and laser printer was made in or assembled in Vietnam.