Everybody loves a good tyre thread!
The trouble with budget tyres is that they can be a bit of a lottery; some are truly awful, but others can be as good as some "premium" brands.
The other problem is that size, profile, and the type of car to which they are fitted also affects performance; what may be excellent on one car will be terrible on another.
Bear in mind that not all Wanli tyres are the same; they have different models, as do the premium brands. Just because they are the same size and manufacturer does not necessarily mean that the two tyres are the same.
In my experience, I find that cheaper tyres will generally tend to lose grip quicker as the temperature drops, as somebody else said above. This doesn't mean that I won't use them, it's just something I'm aware of and adjust to accordingly.
One thing that irritates me is the "all Chinese tyres are rubbish!" attitude. Many "premium" tyres are made in China, and many of the budget tyres made there are actually quite good. Not all budget tyres are made in China, you know...
If you can be bothered, have a look at where your tyres are actually made; you might be surprised. And don't be fooled by "engineered in europe" that I see written on some tyres (with "made in Indonesia" written on the other side).
The worst tyre I've ever experienced (in recent years) was something called a "Doublestar"- worse than any Wanli I've driven on.