李揚表示，過去幾年，中國持續成爲資本淨輸出國，以其龐大的經濟體量，足以承受資金的國際流動。即使美國加息成爲現實，那也将降低中美國債收益率差異，從而有助于中國而非對其産生危害。

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.

李揚建議，人民銀行還應将股權、債券、不動産與大宗商品納入其政策框架。盡管近年來迅猛發展的電子商務行業降低了消費物價指數，但是生産者價格仍不穩定。

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.

同時，中國經濟仍面臨着疫情後恢複不均衡的挑戰，如果再次開放國門，新冠疫情有可能再度擴散。李揚繼續表示，隻要不利因素持續，人民銀行有可能繼續維持利率不變。

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.

李揚說，“我們不應對經濟形勢過于樂觀，政策制定者也意識到了不确定因素的存在，因此宏觀政策也強調經濟形勢不會出現強勢U型反彈。目前談加息或降息還爲時過早。”

"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.

盡管針對小型企業的刺激政策有效促進了生産恢複，但消費仍然相對滞後，在就業市場提振後方可改善。

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.

李揚表示，重新開放國門的時機仍不确定。盡管中國新冠疫苗接種正在加速推進，但其速度仍落後于美國，且目前仍不清楚主要國家在決定放行境外旅客時，是否會相互認可彼此的新冠疫苗接種記錄。

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.

長期而言，随着中國進入老齡化社會，經濟增長将逐漸放緩，政策制定者需應對創新不足與不斷嚴苛的環保标準所帶來的挑戰。李揚表示，隻要不出現中美關系急劇惡化、爆發另一場全球大流行疾病或其他非預期的重大事件，中國經濟未來15年應能夠實現5%的潛在增長率。

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.

李揚認爲，一旦出現中美進一步脫鈎，中國面臨的最大風險之一是美國有可能迫使中國企業從美國股市退市。即使中國并不缺乏資本，但是在美股上市仍有助于中國企業獲取先進技術與專長、改善企業治理、拓展國際市場。

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.