I think there are four angles that you have to think about.
Two are the rotation of the spindle axis centreline within the head. The other two are the rotation of the linear travel of the head relative to the machine as a whole. If everything was true and square, your hole would be round and not tapered.
The ellipse comes from a misalignment of the spindle axis from the hole axis. The hole taper would probably be a complex combination of machine truth and head truth.
Some of the four angles won't easily be adjustable, but don't forget that once you understand the limitations of your machine, you can use shims to bring the work into alignment with the machine. Ideally if there is a reference face on the work that is parallel with the hole, you can use a dial gauge. Just pack the work with shim stock until it is in alignment with the undesired axis features that cannot easily be adjusted.
In the end a straight line is a straight line. If the machine is not tight, but not loose either then it is likely to produce a pretty straight line from a single axis. That's all you actually need. If you use the vertical axis instead of the quill, you have more problems because the head might be "nodding" rather than "swaying" and you can't usually correct the nodding angle.
If you can just use the quill, then you can pack the work until it is true to the quill.
I too have a Chinese mill!
Hope you get the hole you want.
Edited to add;
Actually I should also say that I'm presently using the boring head in the lathe for exactly this reason. I have less range of movement in the lathe, but the machine as a whole has better truth.
Edited By Andy Ash on 27/12/2022 18:31:59