One of the classic sales concepts is the difference between "price" and "cost."
The price of a poorly made bass may be low, but the ultimate cost of such an instrument is something else again. Expensive string experiments, hopeful trips to the luthier, monkeying with tuners, endpins, bridge adjusters, etc, etc. These all cost cash and time.
The most valuable things we have is time. This is our one irreplaceable commodity.
So, the issue is not just about low price, IMHO; ultimately it is about overall cost; in lost time (minutes or hours of life), thwarted talent, diminished enthusiasm, physical injury, bad habits developed overcoming poor equipment, etc.
We all make our own calls. For example, I am currently renting a Shen SB 150, hybrid. Its a decent instrument, that does a lot pretty well, easily, and isn't much more, new, properly set up than a Cremona. Its a Chinese bass, and it rocks. Being Chinese has less to do with the choice of an instrument than the manufacturer and distribution network, IMHO.
I am not saying anything new. Just another lap around the track...