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A good sword is expected to be able to cut, not to be sharp; a good horse is expected to be able to run a thousand miles, not to be strong and swift.Pessimists are right, optimists move forward.No one gets rich by shorting their own country.

Faced with external challenges such as anti-globalization and strategic containment, internal challenges such as insufficient domestic demand, low confidence, real estate decline, and deflation, as well as opportunities such as the new energy revolution and the artificial intelligence revolution, the current Chinese economy has ten key choices:

1, Should interest rates be lowered?PPIcontinuous20Multiple months of negative growth means that the actual interest rate (nominal interest rate) of enterprises-Prices are rising, so interest rates should be lowered to reduce costs for businesses and residents and promote economic recovery.

2, protect the exchange rate or maintain growth and employment? Lowering interest rates may lead to pressure on exchange rate depreciation, while not lowering interest rates will lead to economic growth and employment pressure. What should we do in this dilemma? The monetary policy of major countries is based on self-reliance. By lowering interest rates, domestic economic growth and employment will be promoted. The exchange rate will depreciate in the short term, but appreciate in the long term. We are not afraid of depreciation, but we are afraid of the expectation of depreciation. It is better to have substance than to have appearance. Seek truth from facts and follow the trend.

3Should we worry about inflation? The main contradiction at present is the worry about prices.-The deflation cycle and balance sheet recession are mainly due to insufficient domestic demand, so the top priority is to expand domestic demand. Macroeconomic regulation is counter-cyclical regulation, and policies can be tightened again after the economic recovery rises above the potential growth rate.