'Better' is subjective, but I've seen quite a lot of Far East made guitars and basses recently that, on paper at least, are as well or better specced than the equivalent US Fender model, let alone mex models, but for around 2/3 of the price of a US Fender.
It just seems to be substantially cheaper to make quality instruments in that part of the world than even Fender's Mexico factory.
Part of it is lower wages, part of it is that every part needed to make a quality instrument is already being manufactured relatively locally in that part of the world so it's cheaper to put the whole thing together.
I'm sure there are other factors at work as well.