China’s economic operation is generally stable，but the downward pressure has increased in 2019. GDP growth in the first three quarters was 6.2%，0.5 percentage points lower than a year earlier. The People’s Bank of China will continue to implement a prudent monetary policy. While maintaining stability，it will strengthen counter-cyclical regulation，make anticipatory adjustments and fine-tuning，maintain reasonable and ample liquidity，increase financial support for the real economy，especially for small and micro businesses，and accelerate financial supply-side structural reform. On the whole，liquidity in the banking system is reasonable，and the scale of money and credit and social financing will increase appropriately. It is expected that monetary policy will remain stable，forward-looking，flexible and targeted in 2020.