Yes absolutely.

Firstly most of the Chinese engines are simply Honda clones, that cloning was mostly done in the 90s. The majority of Chinese manufacturers hardly do any R&D go you'll find it a time frozen engine lower quality than the original Honda engine. The Honda engines have developed and are better balanced and more fuel efficient than they were in the 1990s.

I have a Regal Raptor 250cc twin. It absolutely suffers from power-loss when it gets hot, really it needs an oil-cooler. Original Honda engine didn't have an oil cooler either and didn't have hardly as many power-loss issues. You don't really need water cooling though.

If you want to buy the 200cc Lifan make sure it has lots of positive reviews, parts can easily be bought and that it ideally has an oil-cooler.