Former Finance Minister of China Lou Jiwei recently stressed that if the time bought by the monetary and fiscal policies is wasted, the policy space will be smaller and smaller, and ultimately China would need to undergo the reform under tight monetary and financial conditions, which would be more painful for the country. If this happens, it would be more difficult to gather consensus, making the people easier to slide to the left or right-wing populism. Based on what has really happened, China;s leverage rate is high, while TFP is experiencing stagnation or decline while populism spreads. In this difficult time China needs the wisdom of key politicians to unite the people and to take correct policy order to promote reform and to improve supply. We believe that Lou Jiwei's point of view is a warning to China that deepening the reform can no longer be delayed.