(Bloomberg) -- China’s top securities regulator has become a surprising addition to the chorus of voices praising Warren Buffett, after the legendary investor announced his plan to step down as chief executive of Berkshire Hathaway Inc.

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Buffett is retiring as CEO “but the fundamental principles of long-term value investing, rational investment, and striving to reward investors will never retire,” Wu Qing, chairman of the China Securities Regulatory Commission, said during a press conference in Beijing on Wednesday.

Wu was speaking alongside other officials, including the head of the People’s Bank of China, who had assembled to announce rate cuts and other policies intended to stabilize a market that has been rocked by fears over the trade war. Those moves were an attempt to address short-term uncertainty — but Wu also said China will nurture investment firms that take a Buffett-style long-term approach to investing.

“Perhaps there won’t be just one or two ‘stock gods,’ but undoubtedly some century-old institutions and exceptional investment teams will rise in our market,” he said.

The comments show China’s desire to combat volatility in a market where retail investors still drive the majority of trading volumes, a contrast to markets like the US where institutional investors hold more sway. Small investors have a reputation for short-termism during periods of boom and bust as crowd behavior emerges.

It remains debatable how suitable China’s stock market is for long-term investment, given its vulnerability to policy shifts from Beijing. Foreign investors, in particular, have long debated whether the market is “uninvestable.” But Wu’s comments make clear that Beijing is determined to bring long-term capital to play.

Wu said Wednesday that China would promote the sale of equity mutual-funds. An action plan to reform the nation’s $4.5 trillion mutual funds industry will be announced later in the day, he said.

Beijing has previously pushed mutual funds and insurers to put more of their money into the stock market.

Buffett, 94, surprised investors days ago when he announced his decision to step down as CEO of the business he built into one valued at more than $1.16 trillion. He ran the firm for six decades, longer than modern-day Chinese stock markets have been around. He will remain chairman of the firm.

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--With assistance from Amanda Wang.

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