Not necessarily. Chinese companies are making woodworking hand tools of exceptional quality, comparable to European/US/Japanese quality, for a fraction of the price.

Even then, they're generally still cheaper than products made in the e.g. the US or Germany. There's a reason why German companies have so many auto/auto parts factories in lower-wage EU countries, and even for models that are "made in Germany" often a considerable amount of the parts are manufactured outside of Germany.

Also, don't confuse chinese brands with products made in china. Most consumer electronics are made in the far east, even if the brand is from the US.