The draft regulation on government investment that the State Council issued on Thursday to solicit public opinion was badly needed to make the "visible hand" a sensible one as well.

Policymakers must understand that better regulated government investment is essential both for the ongoing efforts to overcome global recession and the long-term health of China's economy.

The $586-billion stimulus package that the Chinese government rolled out in November 2008 in response to the global financial crisis has worked its magic by cushioning the Chinese economy against the worst global recession in decades.