Zhou Mi, senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said in an exclusive interview with China Perspective that China is not prioritizing sci-tech innovation at the expense of boosting consumption.

"When we're talking about consumption, if we only have a similar amount of money to put in consumption, it will be distributed to so many people. So everyone will not feel so different compared with the previous time," Zhou said.

"But for innovation, like investing in building laboratories or creating some research centers, which is very obviously going to create a prominent change compared with the past time."

Zhou added that innovation has become an important engine for China's economic development, while consumption serves as the cornerstone for sustainable and diversified economic growth.