The lack of talents in key fields such as the financial sector and management also restricts the development of the national economy.

Good practices have been made in larger and state-owned companies. Ever since 2003, China's State-owned Assets Supervision and Administration Commission (SASAC) have started recruiting executives for China's state-owned enterprises (SOEs).

The application was open to top talents worldwide, and some of the SOEs even cancelled limit to the nationality of applicants. From 2003 to 2007, the SASAC hired 91 executives out of 5,985 applicants, 11 of whom had overseas experience.

Other companies should take similar measures. Not only should they introduce management talents, but also hire more experienced financial staff. When the Wall Street is laying off employees, it is high time that Chinese companies bring these talents to China to boost domestic growth.

China needs reforms, in many fields. As a developing country facing varied challenges, China should be prudent in blending long-term economic reforms and short-term stimulus policies.

The two aspects should be carried out in parallel. And one thing should always be born in mind: No policy solves everything.

(Xinhua News Agency April 20, 2009)