Fine-tune the focus of stimulus policies

A premature change of counter-crisis policies will undermine much of China's previous efforts to fight the global recession. That is why Chinese officials are recently selling hard their adherence to a proactive fiscal policy and the moderately loose monetary policy they had adopted since later last year.

However, while it is necessary to keep a consistent and stable policy condition for the Chinese economy to cement its recovery, the priority of policy support must be adjusted in a timely manner to tackle problems resulting from an unbalanced economic rebound.

The joint press briefing held by the People's Bank of China, the Ministry of Finance and the National Development and Reform Committee last Friday has focused on driving home the message that the country will not change course on its way to take the lead in stepping out of the global financial and economic crisis.