China views the nation's state-share overhaul as crucial but not a cure-all for the ills of the domestic stock market, The Wall Street Journal reported Tuesday, quoting the head of the China Securities Regulatory Commission. Shan Fooling said the government was determined to deal with the toughest issue for the nation's exchanges, but he didn't propose concrete plans to alleviate the impact of the government-held shares sale. A trial float program announced in April is expected to pave the way for massive offering of government shares. The non-tradable-share overhaul "is not a panacea, but without it we will not go anywhere", Shan said.