While I agree that past Chinese offerings have been low-end I think that will change in the upcoming years. Right now they are working on dominating the lowend market because thats what China is experienced at but they are definitely capable of producing products just as good as US products, at a much lower price.
For those of you that don't think so....think of it like this. If someone gave you the job of making the best knife you could, with millions of dollars in equipment/machinery/materials, availability of learning resources, very inexpensive labor source, etc do you think you could come up with decent knives? I know I could, and so can foreign markets when they put their mind to it. Heck, many hobbyists can spend a few thousand dollars and a few years tinkering on the forums and produce some beautiful, well functioning designs.
I think the main thing preventing this from occurring is the current mindset of much of Chinese manufacturing...which is "why develop our own products/reputation when we can just copy proven designs/company names".
I think most of us would agree that the quality of knives coming from China has really improved in the last few years...and its my bet they will continue to improve.