The Central Economic Working Conference, which was held recently, sustained the previous theme of monetary policy and emphasized more attention on moderate tension. ANBOUND research team points out that the current situation foretells three core themes which determine next year's monetary policy: first, a lower economic growth target provides room for monetary policies; second, the possibility of a stable economic growth; third, reform progress. Among them, economic performance and reform progress will be the key factors, and the first half year will be the critical period.