A review of various benchmarks for determining the status of a developing country reveals that assessing whether a nation is in the category of developing countries requires a further consideration of the country's relative capacity to obtain factor returns compared to others. Specifically， it involves examining whether the ratio of the country's Gross National Income （GNI） per capita to Gross Domestic Product （GDP） per capita has long been below 1， which is characteristic of a developing economy. China is still a developing country in terms of the ratio of GNI per capita to GDP per capita. With the changes in the international environment and the domestic economy entering a new phase， China's economic development now faces new challenges. These challenges include structural problems such as the external dependence of the economic growth model， the relatively limited contribution of mid-to-high-end industries to the global value chain， noticeable shortcomings in the high-tech innovation field， and the constraints of the international economic environment. These problems have led to a relatively low level of China's ability to earn factor returns， indicating that China still remains in the status of a developing country. To achieve a higher-level of economic development， China needs to further boost the international competitiveness of scientific and technological innovation， reinforce the core competitiveness of industries， promote trade diversification and international cooperation， deeply integrate into the global industrial and supply chains， and enhance trade competitiveness.