It's stuff to experiment with to try out different cases and such, but for real day to day use, you would not buy it.
But you are aware, that FoxConn, who are a major company in the production of the iPhone have their HQ in Taipeh, which is, coincidently, in China? Other products made by FoxConn are the iPad, the iPod, the Kindle, the PS3 and the Xbox 360. Major customers include Motorola Mobility, Nokia and Samsung Electronics.
To put it short: The final product isn't always made IN China, but almost certainly made by a chinese company, employing chinese standards.
EDIT: To make things a bit clearer, the country Taipeh (Taipei) is in is obviously Taiwan, officially called Republic of China. Just to let you know where the "China" came from in the above written.
Taipei isn't a country. It's the capital city of Taiwan, which has had de facto independence for over 60 years but is unrecognized by the UN as a country due to the fact that China carries a veto and will cut relations with any country that does recognize Taiwan.
Taiwan has never been part of the PRC (which is the country commonly referred to as "China"). Taiwan has a separate currency, democratic governance, a separate military and a separate national identity for virtually the entire populace except for a few graying nationalist soldiers. Its "standards" as you put it are much closer to Japanese or Korean standards than they are to Chinese ones.
Furthermore, even going back before WWII, Taiwan was a Japanese colony, not Chinese. You have to go all the way back to the Qing Dynasty before Taiwan was controlled by China. Using that kind of reasoning, most of Eastern Europe would belong to the Austrian Monarchy.
Note: I've spent over 7 years living in Taiwan and also 2 years in Beijing.
That's also what I suspect to be the prime reason why we haven't got a proper free phone yet. Free as in free speech that is, running some variation of Linux with the necessary device drivers to use GSM/HSDPA/LTE/whatever, since Android isn't really free. It's just jolly expensive to build one of those if you're a small player and customers aren't prepared to pay for it.
Edit: I forgot to say; it's rather depressing if this is actually the iphone 5 design. It's boring.