Front page of People's Daily: macroeconomic policies must stabilize during critical periods

unswervingly implement the positive fiscal policy and the moderately loose monetary policy critical period, macro-policy must be stable--to consolidate and develop a good economic situation review at present, the national economic situation is stable, positive factors and favorable conditions increase, central response to the international financial crisis package effect is emerging. But the economy's good momentum does not mean that the hard times are over. How will macroeconomic policy maintain continuity and stability in the crucial period of a stabilisation rally? How to view the new situation and new problems of economic operation? How to strengthen and improve macro-control?　　The People's Daily will launch a series of comments, resolving and confusing. To the middle of the year. Looking back on the first half of the year, the central government's insistence on a proactive fiscal policy and a moderately loose monetary policy, and the rapid introduction of a package for growth, have played a crucial role in curbing the economic downturn, preventing deflation and boosting confidence in the market. With the effect of macroeconomic policy, China's economic operation has been positive changes, the overall situation is stable. According to the National Bureau of Statistics, a signed economic analysis estimates that two quarters of GDP growth may be close to 8%.　　This contrasts sharply with the sharp fall in the economy of the rest of the world's major economies and the sharp rise in unemployment.　　The positive fiscal policy and the moderately loose monetary policy have a great effect, but there are some new situations and problems in the implementation, such as the decrease of revenue, the difficulty of the continuous expansion of fiscal policy, the rapid soaring of bank loans and the rise of the public's inflation expectation. The situation is slightly good, Yu Ying cautious. A good economic momentum does not mean that the difficult times are over. It should be soberly seen that China's economic development is in the key period of stabilization and recovery, the foundation of economic recovery is not stable, endogenous growth power to be strengthened. From the "troika" driving economic growth, these carriages may "run" or "stop": the policy measures to stabilize exports have been successful, but the world recession has not bottomed out, the external demand for severe contraction will continue, the situation of foreign trade is still not optimistic; But the effect of government investment on private investment is not obvious, the lack of private investment growth momentum, the steady growth of consumer demand, but the employment situation is grim, farmers to increase the difficulties and other factors, may restrict the future consumer spending and consumption upgrades, the central bank's latest survey shows that 47% of urban residents in the arrangement of spending "more savings", Up to the highest level in history, only 15.1% of urban residents chose to "spend more" to the lowest level in history. This shows that in the coming period of China's economy, both the upward momentum and the downside risks, only the implementation of a positive fiscal policy and a moderately loose monetary policy, and continue to maintain stable and rapid economic development as the primary task of economic work, can continue to consolidate and develop a good situation, truly usher in a comprehensive recovery.　　The "critical period" is likely to evolve into an "iterative period", perhaps even to the point, if it is "better to accept" and lightly change those practices that have proved to be effective in coping with the crisis and in the economic benefits of growth. Of courseTo maintain the continuity and stability of macroeconomic policy does not mean sticking to the same rigid, but should be based on the situation changes, timely detection and resolution of the problem, and constantly enrich and improve the policy. In the future, we should further optimize the government investment structure and increase investment in the fields of consumption, people's livelihood and enterprise technological transformation, and effectively drive the growth of private investment under the precondition of adhering to the positive fiscal policy. At the same time, we should guide the reasonable growth of monetary credit, optimize the credit structure, increase the financial support to small and medium-sized enterprises, "three rural" and other weak links, and prevent the potential financial risks.