On Thursday, Chinese shares rebounded strongly by around 6 percent. With a slew of support measures proving effective, the authorities have established creditability in calming the stock market and bolstered investors' confidence. It's hard to predict where the stock market is headed, but now people have learned more about what the worst-case scenario can be and can refer to the experience when making judgments.

Efforts to calm China's stock market are far from over and close attention is still needed in the coming days. However, beside rescue measures to sustain stock market stability, it is more important to figure out the causes of the fluctuations and conduct reforms.

The exceptional speculation in the Chinese stock market has eroded and even strangled healthy investment intentions, but current laws and rules are unable to regulate the speculation. This may be where the stock market rout originated.

The recent plunge in the Chinese stock market is widely considered to be caused by vicious short selling, which requires investigation. Whoever is found to have exploited loopholes in the law and made big and undeserving profits on the back of the stock market fluctuations should be punished. But this has to be done cautiously so as to safeguard the legal system.

The shareholders and executives of some listed companies have made huge profits from the stock market, disproportionate to their contributions. They should be condemned. In the stock market, normal arbitrage is legal, yet the arbitragers are mostly the strong side. There should be more active discussions about how the arbitragers should benefit from the stock market and meanwhile consider the interests of the majority of investors, and rules formed on this basis.

Meng Qingfeng, vice public security minister, led a team to the China Securities Regulatory Commission Thursday to investigate the recent vicious short selling in the stock market. This will bring a deterrence to the illegal behaviors and hence facilitate the sound development of the Chinese stock market.

Moreover, risk-control mechanisms in the stock market should also be reviewed carefully. The recent shares plunge was mainly caused by the market's bull run previously. Enthusiasm for short-term trade mutually reinforced stock market volatility and building a stabilization fund may be critical for the long-term stability of China's stock market.

Despite the government's rescue measures, stabilizing the stock market should be a result of multiple forces and rules. Thursday's rebound is likely to be a turning point in market confidence and efforts to build rules and tools that can reassure investors should be accelerated.

As China is vigorously improving its financial system, its stock market has not been fully opened. Only when the Chinese stock market grows strong internally will it be able to embrace the challenges of its internationalization.