I have no rules about knife steel or country of origin.
I have knives made in China, Taiwan, Japan, Italy and the USA. Makes include Kershaw, ZT, Spyderco, CRKT, Benchmade, MicroTech, Cold Steel, Gerber and Artisan Cutlery and others. Blade steel ranges from 8Cr13Mov to M390. If I like the way the knife looks and/or serves a particular function that I may use it for, I'll buy it if I think it's worth the price, which varies from $10 to $400. $400 is my absolute limit for any knife. I own over 200 knives now and most of them cost between $50-250.
However, I never loan anything I own to anyone else; $, knives, tools, cars whatever. If someone really "needs" something that I have, if I can afford it, I'd rather just give it to them. Then I don't have to worry about getting it back and/or in the same condition as when it was loaned. This rule helps to maintain friendships and relationships.