The biggest tax reform bill in the United States in 30 years has passed a crucial step recently. The biggest impact of the tax reform is that the corporate income tax has plunged from 35% to 20%. Trump subsequently said the result could be 22% or 20%. Market sources said that at present, China's corporate income tax rate is 25%, while the world's corporate income tax in 126 countries and regions has the average tax rate of 23.7%; in addition, there are many charges in China as well. In our opinion, the United States with a low tax rate will have a "policy squeeze" on China.