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Most of reform areas now are about taking down old barriers, breaking up vested interests and rearranging stakes. Sometimes, a policy is not powerful enough and legislation is needed.

WEF has a significant influence on the international economy and the WEF annual meeting held in Davos every winter always draws world attention, Li said, adding that this year's theme, "New Global Context," is closely linked to the development of the international situation, with a clear goal to explore the challenges and opportunities facing mankind.

In his meeting with Park, the Chinese vice premier said the development of bilateral ties had maintained good momentum thanks to the efforts from both sides with the pragmatic cooperation further deepening.

Also, without the legislature effectively checking on legitimacy of government regulations and policies, which is a key content in the Legislation Law, the country will miss an effective tool to keep the administrative power in line with the law.

China's initiatives on building the Silk Road Economic Belt and the 21st Century Maritime Silk Road, known as the Belt and Road Initiatives, were promoted by Chinese President Xi Jinping in 2013.