When the economic and financial system may face major risks, we should have the bottom-line thinking to take preventive measures and actively strengthen the expectation management.On July 23rd, the Executive Meeting of the State Council discussed and made arrangements to better play the role of fiscal and financial policies, support domestic demand expansion and structural adjustment, and promote the development of the real economy. The meeting also identified measures to strengthen weak links, increase sustainability and benefit people’s livelihood, so as to promote effective investment. The meeting put forward more clearly that " proactive fiscal policy should be more proactive", "stable monetary policy should be moderate, and we should maintain moderate social financing scale and liquidity", “accelerate the issuance and use progress of 1.35 trillion yuan of local government’s special bonds this year and achieve early results in promoting the construction of infrastructure projects”, “urge local governments to revitalize fiscal stock funds and guide financial institutions to guarantee reasonable financing demand of financing platform companies in accordance with the market-oriented principle”, and “accelerate the National Financing Guarantee Fund to provide capital, and make efforts to achieve the goal of adding 150000 small and micro enterprises and 140 billion yuan of loans”. The meeting made it clear that we will not take massive stimulus measures, instead, we should effectively guarantee the fund demand of the projects under construction, avoid the shortage of funds for the unfinished projects, and avoid new waste. In the face of the complex economic and financial situation, it is a major action to comprehensively deploy anti-crisis measures to ensure the national economic and financial security, which embodies the firm national will and the resolute national action.
