Panel discusses roadblocks on China's path to economic recovery (3)

13:49, August 10, 2010      

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Q: To what principles should policymakers adhere for macroeconomic regulation and control in the second half?

Wang Jun: The general tone of strengthening and improving macroeconomic regulation and control should be unchanged direction, dynamic optimization, flexible adjustments and the prevention of overlaps.

"Unchanged direction" means that the policy tone should not veer too much in the second half because the focus of the "structural and urgent" issues facing macroeconomic regulation and control have been changed to prevent a steeper-than-expected economic decline. The moderately loose monetary policies should be maintained in order to meet the entire year's fiscal revenue targets as well as monetary and credit supply targets.

"Dynamic optimization" means that amid the increased uncertainties in the domestic and overseas economic situation, the macroeconomic policies should partially be eased in order to prevent a steeper-than-expected falloff in China’s economic growth, the level and timing of which should be determined according to the economic situation.

Flexible adjustments means that the macroeconomic regulation and control should be tightened or eased based on the falloff in the economic growth and inflationary pressure. The level of strength for the policies should be adjusted in a timely fashion with more flexibility.

Prevention of overlaps means that it should take into full account the cross-impact of various policies already issued and keep the negative impact from expanding. The economic regulation and control policies should be issued in a cautious manner in the second half in order to prevent the negative overlapping impact of various issued policies.

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