Guo Shuqing, chairman of the China Securities Regulatory Commission, says that an expansion of the country's personal finance industry will help stabilize the country's stock markets.

Talking on the sidelines of the 18th National Congress of the Communist Party of China on Sunday, Guo called the current turbulence in China's stock markets "very abnormal", but added: "We hope to see a growth in professional wealth management institutions, which will help stabilize the market."

He was upbeat on China's capital market, however, highlighting that deepening financial reforms, strengthening financial regulation, and the promotion of financial innovation, were the sector's key components over the next five years.