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The usual definition of normal ordered product is: $$:X^\mu(z,\bar z)X^\nu(w,\bar w): = X^\mu(z,\bar z) X^\nu(w, \bar w) - \langle X^\mu(z,\bar z) X^\nu(w, \bar w) \rangle $$ As you said, this is the regular part of the OPE, since only the divergent part of two operators gives non vanishing contribution to the correlator. Of course $$\langle ...


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normal ordering is a valid operation provided one can undo it by an appropriate choice of counterterms (of existing couplings or field renormalisations). (How this is done in practice is explained here: http://arxiv.org/abs/1512.02604.)



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