Each tradition excels in some ways, and is deficient in others.
I spent a few days in a city called Dongyang in China some years back having some hand-carved architectural woodworking produced for a project in Tokyo. 500 year tradition of hand-carving absolutely stunning products.
One thing I confirmed is that the craftsman's mind, eye, and hand are far more important than the tools they use. I expected them to use beautiful tools of exceptional design made from excellent materials. The exact opposite was true. The steel was recycled bandsaw blades and files. The chisels were unimpressive compared to Japan and the West. But they got them sharp enough and they cut good enough. Mind, eye and hand executed the style they were trained in superbly. Change the style and details, and there were some problems. Not insurmountable.
Much of the carving in the cathedrals of Europe is also stunningly deft and beautiful. Same crappy tools.
I also spent a day with the shop owner and visited a tool market an hour or so away by car. It was all poor quality.
The next time I visited Dongyang I took some Japanese chisels, a LN skew rabbet plane, and my Liberty dovetail saw (thanks, Pete!) with me. While my order was being filled, the shop owner and foremen and I had a little competition of who could make a dovetailed drawer (box with no lid) from pre-dimensioned softwood lumber. We had a lot of fun. The guys envied my tools. They had never seen tools so well made, and that cut so well. I gifted them the chisels and plane.
At the same time, I was having steel structural fasteners being produced in another factory in Guangzhou, and visited it regularly. Perhaps things have improved, but I learned that at that time, decent tool-grade steel was not being produced in China. This explained the tools I saw in Dongyang.
I guess my point is that China is still far far behind the West and Japan when it comes to hand cutting tools. But that does NOT mean that I believe their work or craftsmen or traditions are inferior. But a comparison of tools would be meaningless.
So I will compare Western to Japanese tools.
Western chisels vs Japanese chisels: Softer steel than Japanese. Generally, lower-grade steel. Not forged. Simple design.
Merits: Easier to sharpen; Less likely to chip or break; Less expensive.
Demerits: Dull relatively quickly; Even when sharp, do not cut as well; Back difficult to keep flat; Handles won't endure as much abuse.
Western planes (steel body) vs Japanese Planes; Softer steel blades than Japanese. Generally, lower-grade steel. Not forged. Complicated design. Steel sole.
Merits; Easier to sharpen; Blade less likely to chip; Less expensive (depends on grade); Sole/body is more resistant to scratching/wear; Modern ductile-iron products more durable); Less warping: Easy to fettle.
Demerits: Much heavier (not always a disadvantage); Dull quicker; Even when sharp, do not cut as well; More difficult to sharpen (blade is relatively thin and even-hardness at bevel).
Western saws vs Japanese saws (replaceable blade): Much softer teeth than Japanese induction-hardened saws. Simpler teeth. Push instead of pull.
Merits: Much easier to sharpen. Simple/shallow/softer teeth less-likely to break; Thick plate less likely to kink if abused. Push cut provides more power. Better suited to cutting hardwoods.
Demerits: Heavier; Longer (bulkier); Dulls quickly; Simple/shallow/softer tooth design does not cut as smoothly/quickly; Not as energy efficient; Wider kerf; Not as good for cutting softwoods.
I have little use for Western chisels except for special circumstances and for carving (many more shapes, radii, and profiles).
I pick and choose planes. Western planes are better for some things.
I like Western saws for hardwoods, contrary grain, and rough work. Japanese saws for speed and smooth cut and precision. And replaceable blades are often very convenient.
But you already knew all this, right Matt?
But going back to China, the tools are not as important to the final product as mind, eye and hand. So is it the journey or the destination?
Stan