In an era of escalating conflicts, security has become the top priority. Economic and fiscal policies are no longer just regulatory tools but have turned into 'ammunition' prepared for the game, with everyone accumulating chips for the standoff. As long as the conflict and competition persist, this global state of fiscal expansion paired with monetary policies will continue. No major power dares to stop and risk an economic stall—this applies to both China and the U.S. We’ve seen the U.S. implement its integrated fiscal and industrial policies, witnessed Trump’s relentless pressure for rate cuts, and observed the early signs of American state capitalism. We’ve also seen China’s massive infrastructure projects in the west, efforts to localize debt, initiatives to boost birth rates and consumption, and the rapid upgrades across various industries. You can question the effectiveness of these policies, but you can’t deny the determination of the policymakers.