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"China's steel output snowballed from 158,000 metric tons 70 years ago to approaching 1 billion tons this year. But new problems are emerging to threaten our competitiveness, including the homogeneity of products and unbalanced supply and demand," said Chen.

"China's economy will be transformed from old to new by involving innovation and supporting policies, by how structural transformation can be promoted in more places, how new technologies, industries and formats can be continuously conducted and changed in various sectors," said Zhang Yansheng, secretary-general of the academic committee of the National Development and Reform Commission.

"Compared with the world's leading ratings agencies, Chinese companies still have a long way to go to improve service quality," said He.

"China's development practice has proved that the vast number of developing countries can explore multiple paths of modernization in accordance with their own cultures, histories and conditions," the paper said, with more than 400 think tank analysts and media experts from over 100 countries and regions agreeing.

"Consumers look for high-end consumption environment and experience. They want to eat good food in a pleasant environment, demonstrating upgraded consumption demand," said the report.