Against the complex background of repeated outbreaks，deteriorating situation in Russia and Ukraine，and the Federal Reserve’s continued substantial interest rate hikes，China’s macro financial situation has experienced greater volatility in 2022，from extremely loose to extremely tight，and then gradually returned to a neutral and tight state. The specific financial performance is as follows：Due to the unstable economic recovery，social finance and credit growth have experienced ups and downs；Macro leverage ratio rose rapidly，showing a trend of “first rise and then stabilize”；The narrow sense liquidity of the money market is loose，and the broad sense liquidity is improved；Both the issuance of urban investment bonds and net financing decreased，and credit spread intensified；The policy of stabilizing the real estate market has been implemented intensively，and the real estate market is in the downward bottoming stage as a whole；The expectation of economic recession superimposes the liquidity contraction，and the commodity market developed first and then declined；The dislocation of the economic and policy cycles between China and the United States has intensified the pressure of RMB devaluation against the US dollar. Looking forward to 2023，under the situation that downward pressure on the domestic economy still exists and various risk signs are rising，stabilizing growth，and preventing related risks are the key tasks of monetary and financial policies. Including：putting stability of expectations at the top of all work；strengthening the coordination of fiscal and monetary policies；taking various measures to stabilize the financing sources of local governments；making plans to prevent three major financial risks，namely，external shocks，real estate，and urban investment bonds.