The US tax reform program has stimulated the capital market, but more importantly, the US tax cut has set off a new round of global tax cuts. The British Prime Minister Theresa May had previously approved the reduction of corporate income tax rate, down to 17% by 2020, as well as promising that the UK corporate income tax rate will be lowest among the G20. French President Emmanuel Macron is also prepared to implement the commitment to cut taxes of 20 billion euros. Obviously, global tax policy competition will put pressures on China.