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China has now built over 600,000 5G base stations, and the number of connected devices on the network has exceeded 150 million, according to the Ministry of Industry and Information Technology.

China has made remarkable achievements in the aerospace industry. "It is no longer catching up with the world, but the leader in multiple technological domains," said Eremenko.

China has not established a household garbage sorting system or a waste-recycling network, which means a massive amount of waste ends up in landfills and incinerators, he added.

China built the deposit insurance mechanism in 2015, under which a special fund was collected by the central bank to ensure depositors can get certain compensation if the bank fails.

China attaches great importance to the development of China-Venezuela relations and believes that the Venezuelan government and people are capable of handling their debt issue properly, he said.