Chinese motors (1Ph) tend to have lousy capacitors and suspect
starter switches. Before giving up on the motor check the caps
first, replacement caps are $3-5 each. The start winding switch
is the clik you here as the motor rpm winds down below 2-300
rpm. Chinese switch contacts can be pretty marginal and a burned
or stuck together switch will bugger the motor. You have to pop the
endbells off the motor to get at the switch. Finally Chinese motors
don't conform closely to western standard motor bases, nor to
shaft sizes. Chinese shafts likely to be metric and larger by 2-4mm
than an equivalent sized US made motor. So the motor pulley
may need to be replaced.
www.surpluscenter.com has fractional
HP motors for cheap that can be adapted. Might consider this an
opportunity to get a 3ph motor and VFD, allows you to run the
lathe at 30-60rpm for threading and increase top end speed by
500-1000 rpm, depending on the bearings.