Since last October, loose monetary and credit policies and the stimulus package have produced desired results. The economy has entered into a "V-shaped" recovery in the second quarter of this year after hitting the bottom in the first quarter, with various economic indicators rising fast, rescue missions completed and short-term objectives basically met. In this context, the next step of macro-regulation should focus on long-term objectives, speed up institutional innovation and restructuring, control the intensity, pattern and pace of short-term policy loosening and prevent inflation and wild swings in the economy so as to achieve a new round of sustained and rapid economic growth.
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