Obviously not every Chinese made tool is going to be good, but I've lost skin to cheap American made tools as well. It comes down to really taking a good look at what you're buying and not stressing it beyond what it's designed for.
Yeah, you can put a big ass cheater on a Chinese wrench and twist it into a pretzel, but you can do that with almost any wrench.
There's an old saying that a poor workman blames his tools, and there's a surprising amount of truth to that.
On the other hand, yeah, there's a lot of real crap tools out there that aren't worth 2 cents, but you usually can see that right when you buy 'em.