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Well not in my experience, I've owned one for 9 years and its the best paint job on any bike I've ever owned. The ones I regularly see on Ebay seem to hold up pretty nicely too. I've got an old Bob Jackson paint job that's great too, and Argos I've heard are great. Long lasting paint jobs are not exclusive to the far east as far as I was aware.
Mercian's paint jobs seem to stay in excellent condition for decades, what do they use? Assuming they are not using/not allowed to use the nasty paint used by mass producers in the far east.