李扬表示，过去几年，中国持续成为资本净输出国，以其庞大的经济体量，足以承受资金的国际流动。即使美国加息成为现实，那也将降低中美国债收益率差异，从而有助于中国而非对其产生危害。

A net exporter of capital for the past few years, China is large enough to withstand international movements of funds, Li said, adding that a possible hike in U.S. interest rates would not harm China and could even help it, by reducing yield differentials.

李扬建议，人民银行还应将股权、债券、不动产与大宗商品纳入其政策框架。尽管近年来迅猛发展的电子商务行业降低了消费物价指数，但是生产者价格仍不稳定。

The PBOC should also factor in prices of assets such as equities, bonds, property and commodities into its policy framework, the award-winning economist suggested. Booming e-commerce has held down consumer price inflation in recent years, but producer prices have remained volatile, he said.

同时，中国经济仍面临着疫情后恢复不均衡的挑战，如果再次开放国门，新冠疫情有可能再度扩散。李扬继续表示，只要不利因素持续，人民银行有可能继续维持利率不变。

In the meantime, the economy still faces challenges from an unbalanced post-pandemic recovery, together with the danger that Covid-19 could spread again if Chinese borders are reopened, Li said, adding that the PBOC is likely to maintain interest rates unchanged so long as headwinds persist.

李扬说，“我们不应对经济形势过于乐观，政策制定者也意识到了不确定因素的存在，因此宏观政策也强调经济形势不会出现强势U型反弹。目前谈加息或降息还为时过早。”

"We should not be overly optimistic about the (economic) situation and policymakers are also aware of the uncertainties, so macro policy has stressed that it will not make a sharp U-turn…It is not the time to talk about rates hike or reduction," he said.

尽管针对小型企业的刺激政策有效促进了生产恢复，但消费仍然相对滞后，在就业市场提振后方可改善。

While production has recovered fast thanks to stimulus aimed at small business, consumption has lagged and will only improve together with a stronger jobs market.

李扬表示，重新开放国门的时机仍不确定。尽管中国新冠疫苗接种正在加速推进，但其速度仍落后于美国，且目前仍不清楚主要国家在决定放行境外旅客时，是否会相互认可彼此的新冠疫苗接种记录。

The date of reopening borders remains a big uncertainty, Li said. While vaccination efforts are accelerating in China, they still lag the U.S. pace and it is not clear either whether major countries will recognize each other's inoculations when deciding whom to allow to enter, he continued.

长期而言，随着中国进入老龄化社会，经济增长将逐渐放缓，政策制定者需应对创新不足与不断严苛的环保标准所带来的挑战。李扬表示，只要不出现中美关系急剧恶化、爆发另一场全球大流行疾病或其他非预期的重大事件，中国经济未来15年应能够实现5%的潜在增长率。

For the longer term, China still faces a gradual decline in growth as the population ages, and policymakers have to grapple with constrained innovation and increasing environmental controls. However, the country should be able to achieve a potential growth rate of about 5% annually over the next 15 years in the absence of unexpected major events such as a sharp deterioration in relations with the U.S. or another pandemic, Li said.

李扬认为，一旦出现中美进一步脱钩，中国面临的最大风险之一是美国有可能迫使中国企业从美国股市退市。即使中国并不缺乏资本，但是在美股上市仍有助于中国企业获取先进技术与专长、改善企业治理、拓展国际市场。

One of the biggest dangers China faces in case of further decoupling with the U.S. would be potential moves to delist Chinese companies from American stock markets, Li said. While China is not short of capital, U.S. listings help Chinese companies acquire expertise and technology, improve governance, and expand internationally, he said.