China's capital market is at a crucial turning point of development, said Shang Fulin, chairman of China Securities Regulatory Commission (CSRC), on Monday.

With a series of policies and measures in place to promote its sound development, China's capital market has entered a period of adjustment in structure and operating mechanism, said Shang at a Monday press conference held at the Information Office of the State Council, China's cabinet.

China's reform on its capital market now has clearer guiding principles, goals and tasks, said Shang.

Positive changes are taking place in China's capital market as a series of measures have been adopted to strengthen infrastructure construction in the market, Shang said.

Though it is a hard process, the direction of development is clearly defined, Shang said, adding that the market itself is also turning mature.

The internal mechanism that supports the operation of the market is under adjustment and a new mechanism is being formed, said Shang.

Nevertheless, he said, China still faces arduous tasks to promote reform and development of the capital market.

China started the latest reform on its capital market on May 9 to end a split share structure -- one of the major problems blamed for the country's sluggish stock markets.

Four companies were selected for the first round of reform experiment and 42 more were involved in the second round kicked off on June 19.

Source: Xinhua