The uncertainty of the COVID-19 and the crisis in Ukraine have led to an increase in risk challenges. The complexity, severity and uncertainty of China’s economic development environment are rising, forming observable internal and external constraints on economic growth, and the pressure for steady growth has a more obvious upward trend than that of a period of time before< Br > < div class= "contheight" > < / div > at present, the tax rebate, tax reduction, fee reduction and other relevant policies that have been issued have achieved remarkable results in relieving the corresponding market players, and the relevant transfer payment arrangements have also played a visible role in the implementation of relevant policies for local finance. However, it has to be said that after the impact of the prolonged time axis of the situation in Russia and Ukraine and the longer cycle of the epidemic in major cities in China, coupled with the adjustment of U.S. monetary policy and the rise in commodity prices, internal and external constraints have obviously continued to tighten, which has formed observable challenges and pressure on the implementation of economic stability and the smooth realization of economic growth goals this year< Br > < div class= "contheight" > < / div > at the same time, considering the possible clamping down path of the United States on China’s economic development before the impact of the epidemic, especially referring to the lessons of the United States’ financial war against Japan, combined with the current global inflation situation, fiscal policy is more appropriate to give play to its own structural adjustment advantages, take targeted initiatives, and contribute effective and positive forces to steady growth. Under the current constraints, the fiscal policy of stabilizing the economy should consider three available spaces, and these three available spaces are facing certain blocking points in the current implementation, which urgently need to be effectively dredged and implemented, and the effective release of fiscal policy space can help achieve the goal of macroeconomic growth< br>