Chairman of the China Securities Regulatory Commission Liu Shiyu answers questions at a press conference on the sidelines of the fourth session of the 12th National People's Congress in Beijing, capital of China, March 12, 2016. [Photo/Xinhua]

BEIJING - China will press ahead with IPO registration system reform in a gradual manner as it takes time to work out related reform, the country's securities regulator said Saturday.

The IPO registration system reform is a set target that must be achieved for China, but its pace would depend on the development of capital market and legal conditions, Liu Shiyu, chairman of the China Securities Regulatory Commission (CSRC), said at a press conference.

Liu pointed out that building a multi-tier capital market is a precondition for promoting the IPO registration system and it will take a long process for lawmakers to work out related laws and regulations.

The IPO registration system is not mentioned in this year's government work report while a draft five-year economic and social development plan said the government will cultivate conditions for its rollout.