In 2020，the global economy will continue to slow down and risks will be rampant. The geopolitical situation will become severe，and the global trade situation will remain uncertain. Major central banks will continue to loose monetary policy in 2020，and the global fiscal policy will maintain expansion to neutral. China’s fiscal policy will continue actively，and monetary policy will remain moderately tight. The capital market reforms will be intensified to promote capital inflows and risk preference. In 2020，the stock market will fluctuate upward，the bond market will have limited opportunities，the RMB exchange rate will likely rise steadily，the gold price rise has configuration value，and the crude oil is expected to be better and the increase will be limited.