China implements active fiscal policy and steady monetary policy

China’s fiscal policy is more active, and the tax reduction and fee reduction policies that have been introduced

in succession have made room for enterprises to invest. From January to may,

a total of 893 billion yuan of tax reduction and fee reduction was added.

However, the decline of the real estate market boom and the decline of tax revenue

and land transfer revenue lead to the contraction of fiscal revenue, thus limiting the scale of fiscal expenditure.

Considering the limitation of local implicit debt standard and the main use of special debt to replace old with new,

the power of infrastructure construction is also limited.