Lets sum that up for China made knives not asian shall we as some knives like the knives comming out of Taiwan from Spyderco a top notch and we can go at it for awhile. Schrade is no longer made in the US they went out of busniness and were bought up and production is done in China by a company that isn't known for producing quality knives. Not all China made knives are junk, just majority. You have to know what your looking for.
Kershaw and Spyderco has their more budget oriented knives made in China and their far from junk. In terms of slip joints Rough Riders are quite good and will set you back $5-10 and they do a proper heat treat on their 440a and they are held in high regard for the price as a way to try out knife patterns and make great users, you can do a quick search to learn more about them. The newer Colt slip joints are made in the same factory as the Rough Riders to my knowledge but are held to a slightly higher standard and handle materials are different and slight changes in design, can't comment on their carbon steel slip joints on where they are made despite owning 2 of them but I can say it's made pretty dang well and is built like a tank but I haven't put that steel through it's paces yet but the one person who I heard did was quite impressed.
Forgot AG Russell has some knives made in China which are top notch in fit and finish, quality, etc. I hear great things about the knives coming from them and in fact I am currently looking at possibly picking up the AG Russel Rancher over the Queen Country Cousin to see how good their fit and finish, quality, etc and everything I keep hearing about really is.
There are a lot of other knives made in China that are of good quality and in fact are too numerous to list, but next time around do a quick search on here for what your looking at or ask and you find out quite quickly whether it's worth it.