Even many Made in USA instruments have their necks and bodies made in China. The rest is done in the USA and meets the 40% local content required to wear the Made in USA label. Do some digging and you'll find F****r and P*S fit this category, among many others.
Made in China does not automatically mean it's crap, it's likely that Fernandez have it made to their specifications. However, I do believe that Fernandez is not of the quality now it was in it's heyday, when it was better than Fender.