Second, I believe that we will think about how financial supervision can achieve the balance between investor protection, financial innovation and the stable operation of financial institutions. Since the establishment of new regulations on asset management, this proposition has been a great test of governance ability. We have suffered many losses on this issue. The reason for the losses lies in the insufficient depth of marketization and legalization. Financial marketization must adhere to the proper management and licensed operation of investors; financial legalization must adhere to the spirit of contract. We have made a lot of efforts in 2019, but there is still a long way to go for the construction of market-oriented and rule of law.
Third, I believe we will think about how to further optimize the combination of fiscal policy and monetary policy. After years of exploration, China has actually completed an important innovative policy design, the financialization of fiscal functions, rather than the monetization of fiscal deficits. Its advantage lies in that the financial sector has realized the resource allocation with positive incentives through the market mechanism, while the discipline of monetary development has been guaranteed.