Wang said China was still "a follower in technological innovation," with businesses inadequate in research and development. "Eighty percent of core technology, most of high-end equipment, and core components are reliant on imports."
Despite emerging new technology, products and business models, China has yet to complete building an innovation-driven growth pattern, Wang said.
"China, unlike developed countries, is plagued by imbalance in regional development and urban-rural gap," Wang said.
The disparity of people's incomes per capital between provinces can be as large as more than four times, and there is still a marked gap in infrastructure and public services between cities and villages.
"China's urbanization ratio was only 58.52 percent in 2017, far below the around 80 percent of developed countries," Wang said.
Compared with developed countries, China lags behind in many other areas including environment protection, investment effectiveness and market supervision, Wang said. "Some people at home and abroad misjudged China's development phase...but we should be clear-headed."
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