Try doing the same, but when you are in recovery, connect the phone to the PC and copy the firmware from the PC to the phone. If that doesn’t work that means your phone has a hardware problem, send it where your bought it from and claim your warranty.
Either you have accidentally deleted your system.img partition or it is damaged. Try flashing by downloading the update.zip and copying from a computer to phone. I have not seen this case where you can access recovery but have system.img corrupted. Not sure if you can install a update.zip.
Are you sure you are not installing the G version on a Chinese device? Try downloading this http://firmware.meizu.com/Firmware/Flyme/MX5/184.108.40.206A/cn_stable/20161115021138/3d2c76ba/update.zip and try again. If not then Scorpiony is right.
I am here to correct my mistake.
Forgot what ever I said.
This is the screenshot after you click install, right?
This is because it is in the directory of /sdcard/update.zip or not copy to the phone through the pc, a removable device called "recovery". Make sure it is not extracted, must be in the update.zip.