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In that sense, it is hard to continue to see China as a non-market economy country.

"We will strengthen exchanges and consultations between Chinese and Arab trade authorities, complete China-GCC FTA negotiations and sign a free trade agreement at an early date," the paper said.

In October 2015, the CPC issued two new regulations, one is about clean governance and another new rules for punishment. The two regulations were widely viewed as milestones building the integrity of the CPC.

So far, over 80 countries in the world have recognized China's status as a market economy, and the Chinese yuan has been included into the Special Drawing Rights basket of the International Monetary Fund as an international reserve currency, in a strong show of international endorsement of China's market economy reform.

After visiting Taiyuan Iron and Steel Group, a world-leading stainless steel producer, Li said the steel sector is suffering badly from excessive production and flagging demand.