China's active counter cyclical policy interventions in boom times has tamed overheating over the past three decades

China's GDP growth this year may approach 10 percent. While some countries are still dealing with economic crisis or its aftermath, China's challenge is - once again - how to manage a boom.

Thanks to decisive policy moves to pre-empt a housing bubble, the real-estate market has stabilized, and further corrections are expected soon. This is good news for China's economy, but disappointing, perhaps, to those who assumed that the government would allow the bubble to grow bigger and bigger, eventually precipitating a crash.