BEIJING, May 17 -- Chinese enterprises are not investing enough in technology upgrades, said a former industry minister on Saturday, on the sidelines of the awarding ceremony of the "Chinese Industry Grand Prize."

Li Yizhong, chairman of the China Federation of Industrial Economics, said technological upgrading holds the key to restructuring of traditional industries, but investment in this field remains evidently inadequate.

He cited figures showing that investment into such upgrading in 2013 only accounted for 42.5 percent of all industrial investment. Deducting that invested in expansions, technology investment represented just 27.7 percent of the total.

Li suggested China's relatively developed regions should raise the share of technology investment to 65 percent, whereas the United States achieved a 69-percent standard during the period between 1947 to 1978.

The expert also advocated a framework of quantifiable, achievable and verifiable indicators be put forward for the goal of realizing industrialization by 2020.

The indicator framework could consider aspects, including per capita GDP, industrial economic and technological standards, industrial mix, and improvement of people's lives, according to Li.

At Saturday's awarding ceremony, the "Chinese Industry Grand Prize" was awarded to 11 enterprises including Chinese home appliances giant Haier Group, as well as four projects including Jiaolong, the country's most advanced manned submersible.

The prize, awarded every three years, was initiated in 2005 to encourage Chinese companies to innovate, develop world-class brands and improve their global competitiveness.