The global economic downturn and the continued Sino-U.S. Trade disputes have brought a number of challenges to the Chinese economy in 2019，and made 2019 the year in which China’s economic development has faced the most uncertainty and pressure in recent years. 2020 is the year when China will build a well-off society in an all-round way and the “Thirteenth Five-Year Plan” ends. Maintaining a certain rate of economic growth is of great significance for achieving China’s first century-old goal，and laying a solid foundation for the development of the 14th Five-Year Plan and achieving the second century. Infrastructure investment will be an important driver of China’s steady growth in 2020. The expansion of local debt will become an important source of incremental funds for leveraging infrastructure investment.In terms of monetary policy，the People’s Bank of China will continue to maintain a moderate easing，and it is expected that there will be 2-3 reductions in 2020.