Chief economist Lu Zhe of Dongwu Securities: There is still ample room for China's fiscal policy.

At the Economic and Investment Summit held by Dongwu Securities on the 7th, Chief Economist Lu Zhe pointed out that the pressure of US debt is undermining the credibility of the US dollar, and Trump 2.0 series of policies have further become the biggest threat to the "oil-dollar system", giving rise to the new Triffin Dilemma. The US is finding it increasingly difficult to maintain the dominance of the US dollar. In contrast, the foundation for China's high-quality economic development and the transformation of old and new driving forces is solid. On one hand, the fundamental strength of the long-term positive aspect of China's economy remains unchanged, with the massive market of 1.4 billion people and the world's largest and most comprehensive industrial production system providing China's development with a solid foundation. On the other hand, policy reserves are ample, compared to Western countries, our fiscal policy still has sufficient room, moderately loose monetary policy ensures abundant liquidity, the effects of policies such as "dual circulation and the development of new drivers" are significant. The real estate market is also in a stable consolidation phase, laying a solid foundation for the stability and prosperity of the capital market.