Description: The presenter will share his opinion on the major and minor cycle of the global and China economy. He believes that the recovery of the major cycle depends on the resonance of politics between China and the United States, as well as reform. As the minor cycle is V-type, the weak recovery depends on policy and price increase. The liquidity regulation and the growth advance together. The economic cycle is stabilizing, monetary policy is tightening the margin and the importance of the regulation is increasing. But the increase of the economy is critical to risk controlling.