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Bobpat,
While some of the low priced Chinese watch tools are not good there are others that are extremely good. A few of the better examples are the automatic watch winder from Sincere and the Sincere watchmaker lathe and accessories. Chinese collets are very good in both the ER and WW configurations. The Sincere watch lathe motor is by far the best watch lathe motor I have, and I have a lot of them. Stella brand tweezers are fantastic and only cost $30.00 for a full set. I have a small high precision drill press made in China that cost only $88.00. The dirll chuck that came with it was worthless so I replaced the entire spindle assembly with an ER-11 spindle and collets. Now it is a high precision, high speed small drill press that can hold carbide bits. On the bad end of things I bought a set of Chinese Watch screwdrivers for $12.00 which were not very good. I had to look at it on a product by product basis and judge for myself.
david