In 2021，COVID-19 still spread around the world，world economic recovery was unbalanced，and China led the world in economic growth with an average growth rate of 5.2% in the two years. Through the hedging of debt risk and fiscal risk against public risk，China has achieved the goal of “making progress while maintaining stability” in the economic and social development：we have achieved effective and stable epidemic prevention and control，sustained growth of advanced manufacturing industry，vitality of small，medium/micro market entities，and good performance in residents’ income，employment，people’s livelihood and basic public services. In 2022，the uncertainty of China’s economic and social development will continue to rise，leading to multiple pressures from external environmental risks，“triple pressure” risks，population risks and ecological environment risks. We should consider multi-level targeted strategies，pay attention to fiscal sustainability，and effectively improve policy efficiency on the basis vacating available budget space.