Let's not forget that the blades on samurai swords, which are made in Japan (so still technically Far Eastern), are the best there are.
I've had good and bad experiences with Chinese-made knives. I had a little Coast, and couple Schrades as a kid, and those were good knives, despite being made in China. However, I've had several that screws and thumb studs completely fell out of, liner locks that loosened up (could easily open to the point the knife was dangerous to use), and some so cheaply made they were useless. I also had a Lansky that had the pocket clip and blade held on by the same screw. That knife got caught on the ATV seatbelt somehow, and it bent the screw. I've carried a Colonial Quick Flick which I bought barely a year ago, which unlike all of my other Colonials (USA made) this thing's made in China. The blade is sharp, and it seems well made, but time will tell like the others that broke, which I carried heavily.
Every year, a family friend has given me various inexpensive Chinese-made knives for my collection, but I don't use them, and put them up for safe keeping for sentimental value.