That's not true. You get what you pay for. Chinese factories are able to produce very low cost items. The same camera would cost 4x as much if it was made in the USA.
Chinese manufacturers are obviously capable of producing extremely high quality items if you aren't looking for the lowest cost. Their facilities are the most modern in the world. The computer you're using to read this is likely built either in China, or with mostly chinese made parts. Ipods and Iphones are made in China. Most cellphones, car stereos, and other consumer electronics are made in China. I doubt anyone could say there aren't some very high quality products in those lines.
I buy many electronic products straight from HK/China distributors. Shipping from HK is almost as quick as shipping across the states. I have never been disappointed. The quality of customer service exceeds anything I've received from fellow Americans. As far as foods go, we've had quite a few of our own contamination problems too.
It's hubris like yours that's caused Americans to rest on their laurels while the rest of the world moves forward. The biggest airports, public works, dams, highways, bridges, buildings, etc aren't being built in America but rather places like China and Dubai.