Agree with checking the coupling
Be sure you didn't pull a SY and forget to put in the key.
This is another thought. The Honda engine you had put out most of its power between 3000 and 3600 rpm. Torque maxed out at 2500 rpm.
Honda Engines - GX340 4-Stroke Engine
Search as I might, I could not find any performance specs or curves on the Lifan small engines. They may operate at a slower rpm or not put out the same HP in the same rpm range as the Honda. The engine speed is what determines the pump's gpm output. Does the Owners Manual show any performance data or curves?
Remember that pump was sized to run with the Honda's performance curve. The Lifan may or may not be close to those operating parameters.
Hope all works out
Take Care