Innovation is best way out of financial crisis

The government should complement its wide range of stimulus packages to combat the economic slowdown by adopting some long-term macroeconomic measures. It has indeed adopted proactive fiscal and moderately loose monetary policies and launched large-scale investments to enable the economy to recover faster, and taken steps to push for optimization of the national economic structure. But it should ensure that its interventions to rescue the reeling market should not go against market principles. Its steps should be appropriate and prudent to avoid creating the misconception that it is "omnipotent".

It's the government that decides a country's macroeconomic policy. But while taking micro-control measures, it has to maintain a balance between regulations and self-operating principles of the market.

The Chinese government has to push forward its long-awaited economic transformation, and adopt practicable and viable measures to reverse the economic downturn, which was so evident in the fourth quarter of last year.