At present, the number of new cases of the COVID-19 around the world is still increasing every day, consumption is declining rapidly, and the financial system is fragile, which has caused major economies to fall into a general shock recession, and it is very easy to form a vicious circle, with the negative feedback mechanism triggering more large-scale financial collapse, bank bankruptcy and economic collapse. So far, the epidemic sources, transmission mechanism, medicines and vaccines of this crisis have not been fully understood and broken through. Therefore, we must use all policy resources and economic means to integrate global resources, wisdom, technology and collaborative programs, and work closely together. In this crisis, in order to avoid a more catastrophic collapse and a long-term economic depression that may occur in the short term, the Federal Reserve decided to resume the commercial paper financing mechanism from the next day after the interest rate having reached zero on March 16. Through this means, the Federal Reserve provided two increments of 1 trillion US dollars of credit, stabilized financial market credit and commercial consumer confidence in unnormal times by means of using unnormal methods, and gradually corrected market failures and overshoots. At present, the crisis is still ongoing. We must not only fight the epidemic and promote development, but also prevent new financial risks. As required by the General Secretary, we must be in awe, cautious like walking on thin ice, and keen to gain insights about the world. Moreover, we should pay close attention to the major risks of the overall situation, and firmly stick to the bottom line of avoiding systemic risks.
