But you know what? That's what the whole country uses for transportation, every day, and it works fine. It turns out that, in your day-to-day usage of a bike (and this is for a country of people who ride their bikes as their main mode of transportation) it doesn't matter what ridiculous new type of Chinesium your wheels are made out of, as long as they stay vaguely circular. Brakes don't work? Here, put this duct tape on the brake pads, now they work. Chain keeps falling off? Oh, just don't put it into that gear then. And when it completely falls apart one day, or when it gets stolen, then another one costs $50.
When I'm in the US, I ride an $1100 bike. It's ridiculous, the thing is this gleaming sparkly shade of white, fancy carbon fiber parts that are 150% more aerodynamic than everyone else's carbon fiber parts, a frame that is so light you can carry it with one finger, etc., etc. It goes really fast, and is so smooth I forget I'm biking. But when I'm in the Netherlands? I ride a $20 bike that has spokes sticking out and broken, rust covering everything, and sometimes the front falls off. I'm serious, the front actually falls off. Yes, the handlebars and front fork and the whole shebang, in one go.
Somewhat uniquely, American bike enthusiasts are insane about safety. "You could DIE with an improperly maintained bike!", "Not wearing a helmet is like not wearing a seatbelt!" and "Walmart bikes are death traps" are things I've heard recently. But somehow, when the front of my $20 bike falls off (which has happened twice now) all I get is a minor scrape to my hands.