Second, in the absence of countervailing regulatory measures, the Fed's decision to lend to primary dealers – although it was necessary to avoid serious financial disruptions – could tend to make market discipline less effective in the future. Going forward, the regulation and supervision of these institutions must take account of these realities.
In the first half of the year, fixed-asset investment totaled 6.8 trillion yuan, representing a year-on-year growth of 26.3 percent and an acceleration of 0.4 percentage points.