Most of the products were crap a long time ago, they eventually increased the quality and price by lower their environmental standard and also through the number of employees there are with cheap labor cost, then reinvesting the profits into government owned assets and property creating a cheap labor, reinvesting into the country loop which money cannot easily escape from.
Whether the global dependence on Cheap goods from China is a good thing or not depends on a personal view to Free Trade and Global interdependence as a viewpoint of peace or control over other countries citizenry.