I understand that the contradiction between China's economy and operation has both short-term and long-term problems. There are both cyclical and structural problems, and these contradictions and problems accumulated over the years are complicated. Now, coupled with the well-known Sino-US friction, the 20 19 global economic slowdown and the new local war risks that may be exposed by international geopolitics, these are external uncertainties beyond our control, which will inevitably increase the complexity and variability of China's economic operation.
It is very painful to carry out structural adjustment and transformation in such a complicated and changeable internal and external environment as 20 19, rather than in the "super-prosperous" growth environment of the world and China before the 20th century. Because the risks accumulated over the years will be gradually released, the business difficulties of enterprises will naturally increase, the economic downturn and unemployment pressure will also increase, and the situation will be grim. Now, coupled with the recent intention of loose monetary policy to loose credit, the marginal effect of loose credit is declining, and the internal credit demand is weakening, that is, the macro-control ability is weakening. Moreover, due to the slow reform, insufficient protection of property rights, insecurity of private capital and pessimistic investment expectations, the downward pressure on the economic cycle will be further increased. The increase of these pressures, coupled with the contagion of public opinion and emotions, has further brought difficulties and pressures to various economic entities, not just the private economy. Therefore, it can be said that the marginal weakening of macro-control ability and the obvious lack of micro-vitality will inevitably bring greater severity to the more complicated economic situation of 20 19. Objectively, we know about the environment, but subjectively, we always feel that we are inadequate.