Supply-side structural reform is an important task in the future, mainly in three aspects: one is to resolve excess capacity, the other is to transform and upgrade traditional industries, and the third is to support and cultivate emerging industries. There are five key tasks of supply-side reform at present and in the future, namely, de-capacity, de-inventory, de-leverage, cost reduction and short-boarding. Supply-side reform is a major deployment based on reality after the economy enters a new normal. While moderately expanding the total demand, we should promote structural adjustment through reform, correct the distortion of factor allocation, expand effective supply, improve the quality of supply, and better meet the needs of the broad masses of the people. At present and in the future, the key tasks are five items, namely, de-capacity, de-inventory, de-leverage, cost reduction and short-boarding. In terms of capacity reduction, we are prepared to start with the steel and coal industries, because the overcapacity of steel and coal is more prominent now. For the disposal of zombie enterprises, all localities should determine their scope according to their actual conditions and take specific measures. The central government will also have certain support policies to promote the resolution of excess capacity and the disposal of zombie enterprises. In terms of destocking, the key is real estate inventory, especially in third-and fourth-tier cities. The news released yesterday should be good news, which will promote destocking. Now encourage new citizens to buy houses and promote the construction of affordable housing, especially the monetary resettlement policy. Monetization refers to these groups who enjoy affordable housing. The government does not have to build affordable housing. The existing stock of commercial housing can be collected and arranged for these groups that need affordable housing or shantytown renovation. Through a series of measures, real estate inventory can be dissolved. In terms of deleveraging, it is mainly the leverage of enterprises, and it will be handled very safely from the financial system to enterprises. In terms of cost reduction, we are now investigating and formulating plans, especially the excessive burden brought to enterprises by institutional transaction costs and unreasonable charges, which should be reduced. In terms of short board, it is mainly through increasing investment to make up for short board and promote structural adjustment. Supply-side structural reform is an important task in the future, mainly in three aspects: one is to resolve excess capacity, the other is to transform and upgrade traditional industries, and the third is to support and cultivate emerging industries.