Hu Yonggang and Chen Xudong wrote in the 10th issue of Academic Monthly for 2020 that with the per capita income of our country reaching the middle level in the world, the reform momentum and growth effect are gradually weakening, and China's economy has entered a new historical development period, demonstrating the following three basic characteristics: the status of capital shortage has turned into the status of "relatively abundant in capital", and the rate of return on capital has continued to decline; long-term economic growth rate has turned downward; Economic growth has shifted from investment driven to investment and innovation driven. In the new era, the focus of macro-control should shift from fiscal policy to monetary policy. The focus of active fiscal policy should shift from the government expenditure represented by infrastructure to tax reduction, so as to adapt to the relative and increasingly abundant capital. The focus of monetary policy should shift from the quantity of money to interest rate, and keep the interest rate low for a long time to adapt to the low rate of return on investment.