I've been running a 5/8" shaft Huasheng and 4G on a SBP shift kit since 2010. Engine and trans came from bicycle-engines.com. The Huasheng engine is every bit as reliable as the GXH50 it's cloned from, from my experience. It does seem have slightly less power which is likely due to the HS having less compression (7.4:1 vs 8:1). It also makes more general engine noise. But, the HS49 is a great little engine and a better value than the GXH50, IMHO.
I have never had a problem with my HS aside from the stock carb getting fouled. I've rebuilt the carb several times, replaced the carb, rebuilt the replacement several times and ended up washing my hands of the Huasheng carb (heheh). My brother has a GXH50 and replaced his troublesome Honda carb with a Huasheng carb, also had problems with both fouling easily. I believe the stock carb is a weak point. Last year I found a seller on Amazon selling an intake that bolts to the GXH50/HS that allows a 2-stroke kit carb to bolt up. Haven't had an issue since, always fires right up now.
My 4G originally had a defective clutch bell and T-belt, I replaced both in 2011. That belt is still on the trans. I apply dielectric grease to the belt once a year to keep it from cracking, although cracking does not necessarily mean the belt is about to go. My first belt was cracked all around out of the box and I beat the hell out of it without any problems while waiting for replacement belt. I run my HS+4G through a custom-geared SBP kit that matches pedal cadence redline to engine redline in every gear. I like to pedal, and my setup rewards that.
Anyway, that's my 2 cents on the Huasheng. Unless overrevved for long periods of time, it will most likely outlast any chinagirl 2-stroke while needing only oil changes and an occasional valve adjustment. Expect 110-130MPG, 30-36MPH on the flat, and a lot of smiles per mile!