Vice-Chair of the China Securities and Regulatory Commission, Li Chao, says the CSRC is "still studying" the feasibility of a registration-based IPO system.

He's made the comments on the sidelines of the annuChina's top political advisory body.

In making the comments, Li Chao says IPO reforms are a complex process, admitting the market is very sensitive at the time-being.

Chinese Premier Li Keqiang did not mention the registration-based system in his annual work report on Saturday.

Industry observers are viewing this as a sign the implementation of the new system could be delayed.

Registration-based IPO system allows companies to file records with regulators, rather than undergoing a full review process.

It has been proposed as a way to try to speed up the process to allow more companies into the market.

However, the swings in the market over the past year have raised questions about whether allowing more companies into the IPO pipeline is necessary at this point.