At present，China’s economy is facing the structural problem of strong external demand and relatively weak domestic demand. In the long run，the growth relying on external demand-driven is not desirable. To stabilize employment and economic growth，we should focus more on the strategy of expanding domestic demand. The gap between supply and demand in overseas markets is also expected to narrow. Under the baseline scenario，China’s export growth may face downward pressure at the end of 2021 or in the first half of 2022. Meanwhile China’s domestic demand is still weak，the economic recovery is inadequate and unbalanced，and the endogenous driving force is relatively insufficient. This is particularly reflected in the weakness of consumption，infrastructure，and real estate investment. Against this background，it is an opportune time to use aggressive monetary policy. We should give full play to monetary policy，while keeping an eye on its impact on asset prices，and align them with sufficient exchange rate flexibility.