Ｔｉｇｈｔｅｎｉｎｇ　Ｉｓ?。帷。停酰螅?，Ｂｕｔ　Ｈｏｗ？

China's consumer price index (CPI) went up 8 percent in the first quarter of 2008, givingregulators greater cause to push through a tightening monetary policy. Meanwhile, on the otherside of the Pacific Ocean, the subprime mortgage meltdown is taking its toll on the U.S. economy.Worries are now bubbling that the crisis may spill over to the nascent Chinese financialmarkets. The 21st Century Business Herald, a Chinese financial newspaper, recentlyconvened a group of eminent economists to discuss how to strike a balance between taming inflationand maintaining economic growth. Yu Yongding, Director of the Institute of World Economicsand Politics under the Chinese Academy of Social Sciences, Wu Hemao, professor at the ChinaCenter for Economic Research under Peking University, Huang Yiping, Managing Director ofCitigroup's Asia Pacific Economic and Market Analysis, Xie Duo, President of China ForeignExchange Trade System, and Xu Gang, Managing Director of CITIC Securities,give their opinions in the following excerpts: