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Western media rebuked

The rebound is considered by many as a rebuke to some Western media, who jumped at the opportunity and called the plunge a "failure of the Chinese government."

Li nevertheless noted that it's very "na ve" to equate government credibility with the performance of stock markets.

"Any country's stock market has ups and downs, but temporary stock fluctuations do not mean the government's leadership is at risk," Li said.

The Washington Post reported on Wednesday that if the slump continues, it would "slow the economy" and "undermine faith" in the Chinese Communist Party's leadership.

The Wall Street Journal also published a report on Wednesday, saying the Chinese government's efforts to tame mainland stock markets have "failed."

Li said that the stock performance would have little impact on the economy.

"The link between the economy and stock markets is very weak in China compared to countries like the US," he noted.

Stock loan deadline

China's two bourses announced late Thursday that they will reduce the transaction fees on blue chips by 30 percent and transfer fees by 33 percent.

Five State-owned commercial banks and several non-commercial banks also announced on Wednesday and Thursday that they would not sell shares they own in listed companies, after the Ministry of Financemade a similar promise on Wednesday.

The China Banking Regulatory Commission announced on Thursday that banking institutions can prolong the deadline for stock loans, after reaching an agreement with their clients.

"Prolonging the deadline would prevent further fluctuations to the stock markets," Qian noted.

Qian cautioned that the recent market plunge shows that domestic investors need to be better informed on investing in stocks. "They should learn to invest in a much more measured way."

Li said that the government should learn from this experience and launch financial reforms to prevent it from happening again.