It is unrealistic to adjust the direction of monetary policy

-Bauchengan The coherence, stability and sustainability of macro-control policies must be adhered to when the economic stability of the economy is still rising, but the foundation is not stable, and the external environment of China's economic development is still very grim.　　The main tone of a moderately loose monetary policy is unchanged, and monetary policy will only be adjusted if the real economy improves completely. In response to the downward pressure on the economy, China began last November to implement a moderately loose monetary policy.　　More than half a year of practice has proved that moderately loose monetary policy to deal with the impact of the international financial crisis, the formation of a stable recovery has played an important role. A common challenge for central banks around the world is how to withdraw from loose monetary policy when the economy is just showing signs of recovery.　　The Federal Reserve has also recently been adjusting its policies in a timely manner according to liquidity conditions in the capital markets. In China's case, on the one hand, the real economy also has negative factors, and on the other hand asset prices have soared.　　In the course of implementing moderately loose monetary policy, some difficulties are highlighted and some challenges are faced.　　However, as long as we take precautions, we should face and solve these key problems, so that this policy can be more effective for the long-term stable and rapid development of our economy.　　Domestic inflationary pressures and asset bubbles have re-emerged as the first half of the year's continued hyper-anticipated growth in monetary credit, and some economists and institutions have begun to argue that a moderately loose monetary policy orientation will be adjusted.　　However, we now see the central bank in the open market to increase the operation, that is because the June increase in loan increases too fast, and the recent increase in the number of votes, the reason for more money to return to the more just play the role of the end of the vote. It now seems unrealistic to see such a policy now in a directional adjustment.　　This year the whole macro-policy is to maintain its original direction, that is, positive fiscal policy and moderately loose monetary policy. Therefore, in the future we need to focus on two indicators, one is CPI, is still negative, and the other is GDP. When GDP growth reaches or exceeds 8%, and the CPI is positive, there is a need to focus on future inflation risks, and the need for monetary policy adjustment increases.