When discussing the "coordinated efforts of fiscal and monetary policies to avoid unilateral actions and synthetic fallacies," Liu Shangxi, former president of the China Academy of Fiscal Sciences, stated at the Finance Annual Conference 2025 that in terms of finance, two 'not equal to' must be noted. First, debt does not equal debt risk. Second, fiscal balance does not equal fiscal sustainability. 'If these two cannot simply be equated, the policy space can be greatly expanded. Once the policy space is expanded, it can actually be linked with monetary policy.' However, he also pointed out that the People's Bank Law stipulates the independence of the central bank, and this traditional concept is still very strong at present. When independence is emphasized, it becomes difficult to integrate fiscal policy into operation. 'In the current situation, should we reconsider independence?' he said, updating ideas on both sides and breaking through departmental perspectives can achieve a combination of policies, allowing policies from various departments to form a greater synergy. (Rui Jian)