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But Hong said the source of market volatility is the high valuations of stocks, not the supply of new shares.

"The best protection is to lower the valuations to a reasonable level so that smaller investors will not have to overpay," he said.

Liu replaced Xiao Gang as CSRC chief last month. China's small investors expect him to help restore their confidence in the regulator and in the country's stock market.

Liu defended the government's role in stabilizing the market amid a dramatic slump last summer. He said the government will step in again if such a crisis re-emerges.

He also admitted that the introduction of the circuit-breaker mechanism, which was designed to stabilize the market, had aggravated its decline. The mechanism was scrapped by the commission in January after being in effect for just four days.

Liu said China will not reintroduce the mechanism in the next few years, adding that its adoption reflected a failure to fully assess the unique structure of the Chinese stock market, which is dominated by retail investors.

Wang Qing, president of Shanghai Chongyang Investment, said, "His remarks highlight the greater attention paid by the regulator to pushing reforms that fit Chinese conditions."

Wang added that Liu had also sent a message that the regulator should be the market referee, rather than a player, by saying that he would not encourage people to buy or sell stocks.