As massive government investments keep China"s growth engine humming, the entrenched gloom appears to be giving way to a tide of optimism. This was a marked improvement, but not necessarily a guarantee of recovery, as worries arise that the growth momentum could dry up once policymakers phase out stimulus aid. Fan Gang, Director of the National Economic Research Institute under the China Reform Foundation, discusses these issues in an article recently published on the Economic Information Daily. Edited excerpts follow:

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