A final point that I would like to touch upon concerns the governance of economic research at the present time. Economic research is part of the monetary policy toolbox. Sound economic research is a precondition for the independent assessment of the most appropriate monetary policy stance.
In China, a slowdown in growth and a decline in inflationary pressure have been progressing moderately, showing signs that the economy is heading toward a successful soft-landing, albeit lingering uncertainty. According to the latest World Economic Outlook, which the International Monetary Fund (IMF) published last week, the global economic growth rate is projected to be 3.3 percent in 2012.