High-quality growth is more beneficial than high-speed growth and has the potential to uplift the quality of peoples' consumption patterns and lifestyles. The economy is likely to benefit more from high-quality growth than from high-speed growth. China should take the lead on such growth at an international level.
The emphasis in China's economy has been changed from the previous era of high-speed growth to one of high-quality growth.
I think China's push for high-quality (efficiency and durability) instead of high-speed (mass-production) growth is a realization by Beijing that in order to be competitive in the global economy they would need to change the rules of the game, because high-speed growth, in as much as it's growth oriented, has the potential to hurt the Chinese economy in the long-run due to other countries applying protectionist policies against perceived cheap quality Chinese goods.
Thus on the contrary, emphasizing high-quality growth would in the foreseeable future guarantee China's achievement of inclusive development that is in line with sustainable development goals (SDGs).
In addition to moving from "made in China" to "created in China", I think China is trying to promote efficiency and value in local manufactures. At the same time, it is creating a global impression that Chinese exports are of high quality and meet international standards, making China a reliable partner in international trade.
Another thing to consider on this matter: China wants to attract more foreign investment to its local market and further improve social service provisions in areas like education, healthcare and environmental protection.
In summary, I see China's prioritizing of high-quality development over high-speed growth as a strategy to highlight discrepancies and inadequacies in its economy, given that for some time Chinese exports have been subject to scrutiny over their quality. Hence, it's a really positive initiative that Chinese authorities are taking to prioritize high-quality growth in order to achieve common development that is sustainable.
