Lian Ping, chairman of the China Chief Economists Forum, wrote: Historical experience shows that compared with moderate inflation, deflation will bring more dangerous potential risks to the economy, such as liquidity traps, severe corporate balance sheet decline, and systemic financial risks. They are extremely harmful. They must be given great attention and implemented medium- to long-term, systematic, and targeted response strategies based on China's reality. Although a package of economic stimulus measures has been launched since late September, expansionary policy measures will continue to be promoted in the coming period. The main goals are to expand aggregate demand, reduce financing costs, mitigate debt risks, increase property income, and improve economic expectations. He proposed eight measures: First, increase government investment spending and continue to expand overall demand. Second, continue to implement a moderately loose monetary policy, maintain reasonable and abundant liquidity, and effectively reduce the real interest rate level. Third, promote the development of urbanization and expand farmers' consumption demand through financial subsidies to settle in. Fourth, invest financial and financial resources to support sectors with declining balance sheets to actively reduce debt. Fifth, actively push forward land system reforms to unlock the potential for wealth appreciation brought about by homestead transactions. Sixth, implement preferential policies over a long period of time to reduce the tax pressure on the private sector. Seventh, strongly support capital market development and increase residents' property income. Eighth, establish a mechanism to manage economic expectations and actively improve market expectations.

Lian Ping, chairman of the China Chief Economists Forum, wrote: Historical experience shows that compared with moderate inflation, deflation will bring more dangerous potential risks to the economy, such as liquidity traps, severe corporate balance sheet decline, and systemic financial risks. They are extremely harmful. They must be given great attention and implemented medium- to long-term, systematic, and targeted response strategies based on China's reality. Although a package of economic stimulus measures has been launched since late September, expansionary policy measures will continue to be promoted in the coming period. The main goals are to expand aggregate demand, reduce financing costs, mitigate debt risks, increase property income, and improve economic expectations. He proposed eight measures: First, increase government investment spending and continue to expand overall demand. Second, continue to implement a moderately loose monetary policy, maintain reasonable and abundant liquidity, and effectively reduce the real interest rate level. Third, promote the development of urbanization and expand farmers' consumption demand through financial subsidies to settle in. Fourth, invest financial and financial resources to support sectors with declining balance sheets to actively reduce debt. Fifth, actively push forward land system reforms to unlock the potential for wealth appreciation brought about by homestead transactions. Sixth, implement preferential policies over a long period of time to reduce the tax pressure on the private sector. Seventh, strongly support capital market development and increase residents' property income. Eighth, establish a mechanism to manage economic expectations and actively improve market expectations.