It is commendable that the Chinese government is turning its focus to the quality of growth rather than aiming for high growth at any cost.

At this stage of its development, it makes sense for China to shift away from an investment-led growth model that leads to wasted resources, financial risks and environmental degradation.

Upgrading the consumption patterns of households is an interesting idea, but this may be better left to normal forces of demand. As Chinese households become wealthier, they will demand better-quality products and high-end services. The government certainly has a role to play, fostering competition and regulating markets so they function smoothly, meeting consumers' changing needs and aspirations.