To cope with the liquidity crisis triggered by the COVID-19 pandemic, central banks around the world have introduced massive fiscal stimulus. The resulting inflation and asset price hikes have caused heightened concern. How effective are the policies of major central banks in balancing inflation, financial stability and economic recovery objectives? How should countries coordinate their exit from economic stimulus to minimize the impact on the global economy and financial stability? How can China better coordinate with the US and European countries while they gradually withdraw stimulus to avoid potential risks?

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