适度宽松货币政策退出时机和工具的选择

On the timing and means of the moderately easy monetary policy withdrawal

为应对世界金融危机，遏制经济下滑势头，我国政府果断地提出适度宽松的货币政策，经过近300天的实施，成效卓然，但未来微调倍受关注。随着国内外经济发展的进一步转暖，适度宽松的货币政策必然逐步退出，成功退出的关键在于选择好退出时机和工具。

To struggle against World Financial Crisis, the government of China has proposed the moderately easy monetary policy. In the past 300 days, this policy has effectively curbed the economic slowdown. However, as the economic environment appears to turn positive, the policy would be withdrawn. The key of withdrawal is based on two elements ： timing and means.