以下为英文全文：　　Q：What‘syouropiniononthecurrentworldeconomicdevelopment？WhatchangesdoyouthinkCOVID-19hasbroughttotheworld？Willitchangethetrendoftheworldeconomy？　　A：COVID-19hasdrawnattentiontothecostoffailingtoadequatelyaddressobviousgrayrhinoriskslikethethreatofpandemicsandweaknessesinaccesstohealthcare．Italreadyhascutshort-termeconomicgrowthforecastsandhasimposedanuncertaintytaxontheglobaleconomy．Forcountriesthatmovedquicklytogetthenovelcoronavirusundercontrol，theoutlookisbrighter．ButwithCOVID-19nowhereclosetoundercontrolinacountryasbigandimportanttotheglobaleconomyastheUnitedStates，theglobaleconomyisgoingtosufferlongerthanitwouldhaveifmoreAmericans-bothpolicymakersandindividualcitizens—hadtakentheriskmoreseriously．　　Untilwehavevaccinesandacriticalmassofpeoplehasreceivedthem，theviruswillbeaweightkeepingtheglobaleconomyfromatruerebound．　　Wewillcontinuetoseesupply-chaininterruptions，mostdisturbinglyincludingfood．Wewillcontinuetoseeincreasinginequality，alongwithrisingsocialinstabilityincountriesliketheUnitedStates．　　Thisinequalityalsowillbeadragoneconomiesbecausethemoremoneyisconcentratedinthehandsofthesuper-wealthy，thelessthereisfortheleast-welloff，whoneeditthemost，toconsumeandkeepeconomieshumming．　　Andaslongasthereareeconomictroubles，toomanypolicymakerswillbetemptedtopursuebeggar-thy-neighborpoliciesontrade，climateandglobalcooperationingeneral．　　Lowinterestrateswillpostponedebtcrisesforcompanies，individuals，andcountries，buthighdebtlevelsremainadangerfortheglobaleconomyespeciallyifgrowthdoesnotpickupmorequickly．　　Q：SinceCOVID-19，U.S．stockshaverisenrapidly，whatdoyouthinkoftheU.Sstockmarket？　　A：Putpolitely，theUSstockmarketisadisasterwaitingtohappen．Pricesarewayoutoftouchwitheconomicreality，evenaftertherecentlosses．AndjustaswesawwiththeDutchTulipMania，eventuallyinvestorswillrealizethattheunderlyingvalueofthepapertheyholddoesnotjustifyitsprice．Someonesaidtomerecentlythatthecurrenteconomyremindsthemof2007，whenthedeepcracksinthehousingmarketalreadywereshowingbutthedominoeffecthadnotyetrippledthroughtheeconomyandmarkets．That’swhatitfeelsliketodaytometoo．Justlikeinthesubprimecrisis，manyofthepeoplehurtwillbethe“littleguys．”TheUSstockmarkethasattractedmanysmall，socalled“retail”investors，manyofwhomusedtheirgovernmentstimuluscheckstoinvestinpennystocks．Theyaretakingbigrisksdespitethefactthatinstitutionalinvestorshavemoreinformationandthepowertomoveagainstthem．　　Q：What‘syourviewontherelationshipbetweenU.S.andChina，isthereariskofdecoupling？　　A：Iamdeeplyconcernedthatwearealreadyseeingdecoupling，particularlyaroundtechnology．Businessesdonotwantdecoupling，butthecurrentadministrationintheUnitedStateshasmadeChinathebogeymantodistractAmericansfromitsownfailings．IhopeandbelievethatthenextUSadministrationwilltakeamuchmoreconstructiveapproach．　　Infact，thecurrentpolicieshavehurttheUSfarmorethanChinaontheinvestmentside，asforeigndirectinvestmentfromChinaintotheUnitedStateshasplummetedbutU.S．investmentintoChinaroseforthefirsthalfoftheyear．Butit’snotjustamatterofourtwocountries：thewholeworldisaffected．Decouplingintechnologywillresultinaninefficient，two-tracksystem．TheBetamaxversusVCRcompetitionforthevideorecordingmarketinthe1970sand1980swasnotaconstructivecompetition．Whatweareseeingtodayisfarworse，especiallysincetechnologyismostusefulwhenitiscompatibleglobally．Ialsoamconcernedbecausetheclosercommercialtiesarebetweennations，thelowertheoddsofgeopoliticalconflicts．　　Q：Whatarethe“GrayRhinos”youseesofar？　　A：Ihavebeguntohesitatetoanswerthisquestionbecausetheconceptworksbestwhenpeopleidentifygrayrhinosforthemselves．ButingeneralIhavebeenfocusingmyattentiononatrioofbigglobalpolicyissuesthatarecloselyrelatedtoeachother：climatechange，financialfragilities，andinequality．Centralbanksandinvestorshaveincreasinglysoundedthewarningthatclimatechangeposeshugefinancialriskstorealestatevaluesincoastalanddroughtandwildfire-proneareasandthusinturntoinsurers，supplychains，businesses，andmunicipalfinances，creatingahugepotentialdominoeffect．Becausewehavewaitedsolongtoact，thewithdrawalofinvestmentfromfossilfuelindustrieswillbesteeperandcreateabiggershockthanitwouldhaveotherwise．Financialfragilities–inparticularassetbubblesthataresuckingmoneyoutoftherealeconomy—worseninequalityanddragdowneconomicgrowthwhichinturnworsensfinancialfragilities．Andclimatechangeworsensinequalitybecausetheplacesthathavecontributedtheleasttogreenhousegasesarethemostvulnerabletoextremeweatherandhavetheleastresourcestoprotectthemselvesorrebuild．Climatechangealsoisthawingpermafrostandreleasingmorepathogens．　　Q：HowdoyouthinkofRMB‘sinternationalization？　　A：Therearetrade-offstotheinternationalizationoftheRMB．Onthepositiveside，itmakesmanytransactionssimpler．Andhavinganadditionalalternativereservecurrencytothedollarisattractive．Butinternationalizationalsomeansgivingupalotofcontrolovermonetarypolicyandinturncouldcreatepotentialinternaleconomicshocks．Inwhateverdecisionsaremade，it’simportanttoconsiderthewinnersandlosersandmakesurethatthosewhoaremostvulnerabletounintendedconsequencesareprotected．　　Q：Chinahasnowproposeda‘dualloop’strategywhichfocusesontheinternalloop，whatdoyouthinkofit？　　A：Domesticdemandandconsumptionaresoimportanttoastrongeconomy．Stimulatingdomesticdemand--ietheinternalloop—haslongbeenachallengeforChinaandIamhappytoseeitgettingpriorityattention．Balancinginvestmentandconsumptionsuccessfullywilldeterminehowsuccessfulthepolicyis．Onewayofincreasingconsumptionistoprovideabetterriskumbrellatopeopleloweronthesocio-economicladder．Becauseyouarestartingfromalowerbaseandanyadditionaldiscretionaryincomehasabiggerimpact，youcanincreaseconsumptionmorequicklythanwithhigherincomepopulations．Ifpeoplearenotasworriedaboutcoveringemergencyhealthcarecostsorsavingforretirementorhavingtohelptheirparentsinretirement，theycanpumpmoremoneyintotheeconomy．Itwouldalsobeworthconsideringatargetedbasicincomeforpeopleinindustriesthatarebeingdisruptedandmaybetoooldtoinvestingainingnewskillsorareyoungenoughthattheycanaffordtoinvesttimeandenergyinnewskillsbutneedfinancialhelp．Thistrickle-upstrategywouldhelpbusinessesandinturninvestors，soeveryonewouldbenefit，unliketrickle-downstrategiesthatneverreallytrickledowntoeveryone．　　Q：ThereshapingoftheglobalindustrialchainisnowwidelydiscussedinChina，what‘syouropiniononit？　　A：Definitelyweareseeingsupplychainchanges：diversificationoflocations，re-thinkingofthe“justintime”leansupplychainmentalityaspeoplerealizethathavingextrainventoryonhand．Idonotsupporteffortstoraisetradebarriers．Atthesametime，Ithinkthatfocusingonregionalsupplychainsmakessensefromaclimateperspective.Transportinggoodsallaroundtheworldcreatesatremendouscarbondebt，sothelessdistancethingstravelandthesmallercarbonfootprint，thebetter.Whilerecognizingthatcalculatingcarbonfootprintsofgoodsiscomplicated，Iwouldliketoseeallproductsincludeatleastaroughestimatesothatpeoplecanchooseandrewardcompaniesthatreducetheirenvironmentalimpact．　　Q：Chinaisformulatingthenextfive-yearplan（2021-2025），canyougivesomesuggestions？　　A：Thenextfive-yearplanshouldmakesuretoprioritizeaddressingthethreebiggrayrhinosImentioned：addressingfinancialfragilities，theclimatecrisis，andinequality．Alloftheseareriskpreventionpolicydirectionsthatalsosupportgrowth．Providingbroadaccesstocreditwhilediscouragingoverindebtednesswillsupportqualitygrowth．Climatemitigationmeasureswillspurinnovation，createjobs，andultimatelycanreducefinancialfragilitiesbyslowingclimatechangeandtheeconomicimpactofextremeweather．Bothwillhelptoaddressinequality，butbyreducinginequalitythroughbettersupporttovulnerablepopulationsChinawillstrengthenthefoundationoftheeconomy．　　Q：CanyougivesomeadvicetotheyoungeconomistsinChina？　　A：Don‘tjustwriteforothereconomists；thinkaboutwaystorelateyourworktotherealworld，notjusttheory，andtocommunicateitinanaccessibleway．It’ssoimportanttodevelopeconomicliteracy，riskliteracy，andpolicyliteracyamongthepublic．Whenapopulationunderstandsthedifficulttrade-offsthatpolicymakersmustmake，itiseasiertocommunicateandimplementthosepolicieswithlessopposition．