I won't get involved in knocking a people, but I understand how Chinese made products are viewed, and while I understand it, I do think companies in China are trying to make better products.
China can and does make truly *excellent* products.
Small lathes like that one are not one of them. It is what it is - if you're going to keep it I'd suggest stripping it right down, looking for the lost motion and seeing what you can do to adjust it out. Preferably by asking for advice elsewhere than PM.
FWIW I just took delivery of a Chinese made IP67 waterproof touch screen with 1000 cd/m2 brightness to install in a data display on a boat. Open deck area. It wasn't cheap.
You can get good Chinese made machine tools. But you'll pay for them. Substantially less than EU prices (the USA doesn't make anything even vaguely useful in new small/medium manual lathes so doesn't count). But you will pay.
FWIW my Emco Maximat 11 lathe, made in Austria, was $AUD 4000 over 20 years ago and worth it. Nice to use, adjustable nuts to minimise backlash on all screws and accurate.