No-one knows unless they've tried a real one.
I've got the same generic type and it's fine. Mine is painted green and has a simpler handle, so it may not be from the same factory, which is part of the game. Almost any firm with light-engineering capability could make them.
Maybe this example is cheap because the maker over-produced a well-made vice and is trying to reduce his losses. Or it could be cheap because it's a reject or was made too cheaply. Too cheap means fragile, off-true surfaces, jaws that lift, and a nasty lead screw etc.
It's probably reasonable but there are no guarantees. Buying inexpensive tools is always a gamble. Less so today I think than in the past. Before WW2 there was a sharp divide between good tools and utter rubbish and very little in between. Much less clear-cut today because many tools are in the middle; not the best by any means, but far from being a waste of money.
If a tool has to be unambiguously fit for purpose, there's no alternative to paying full whack for the industrial version. Unfortunately prices rocket to meet the higher specification. How about a nice Kurt? It has to be a new Kurt, because second-hand may be damaged or worn.
I hate empty descriptors like 'quality' and 'decent' in connection with tools, preferring instead to think in terms of "fit for purpose" and "value for money". If this vice is a good'un it's certainly 'value for money', but there's a risk it won't be fit for purpose. It's particularly unlikely to be fit-for-purpose used for heavy accurate clamping in a busy professional workshop, but mine was OK. Note a vice that's too big for the machine isn't 'fit-for-purpose', and this one is quite chunky.
We all have to make judgements about how reliable our tools need to be. In my case, the answer is 'not very'. Provided they do what I need, which is relatively genteel, I don't need to waste money on tools that last. It's not a perfect system because there's a fine line between inexpensive and cheap and nasty! I come unstuck occasionally, but don't moan about it because on average the balance is strongly in my favour.
Dave
Edited By SillyOldDuffer on 27/09/2020 12:30:31