Both the Carriers are different in specifications just as the respective Navies have different capabilities and experience of operating carriers.
Where Aircraft Carriers are concerned, their air-wings are more important than just the ships themselves. So that is where the operational abilities of the air-wings become important. Paper specifications are less important.
All that said; PLAN has clearly stated that Varyag (Liaoning) is a training carrier to create a sea-borne air-wing of the future.
but they also said it is combat ready type vessel with all armament