In an interview conducted by the Financial Times on February 9, 2021, Prof. FANG Ming of ICFS said that the U.S. monetary policy was the main reason for the surge of the U.S. stock market in the face of the pandemic. With the status of the US dollar as the world currency, the Federal Reserve was able to adopt an "uncapped" quantitative easing monetary policy, which, together with the maturity of the US capital market, supported the stock market boom.