记者 | 马晓甜

houyiqingshidaidequanqiujingjifusuzhiluqianjingruhe？zhongguojingjifazhanhezibenshichanggaigemianlinnaxiejiyuhetiaozhan？xiabannianguzhaishichanghuiyouzenyangdejihui？kechuangbanyunxingyinianyoujiangmianlinnaxieqixuhetiaozhan？

zaishierjielujiazuiluntanzhaokaiqianxi，zhongtaizhengquanshouxijingjixuejialixunleijieshoujiemianxinwenzhuanfang，jiujinqitaduiquanqiuhezhongguojinrongjingjixingshidesikaohejianjiefabiaokanfa。

以下为访谈实录：

全球经济仍处下行趋势，疫情不能通过印钞来解决

界面新闻：今年以来，受新冠疫情的影响，全球经济遭遇冲击，随着各国逐步复工复产，对于后疫情时代全球经济走向，您有何预见？

lixunlei：zheicixinguanyiqingzaochengdequanqiujingjitingbai，biyuqidegengweiyanzhong。jingwaiyiqingcongqianqizaioumeibaofa、manyan，fazhanzhijinchengyoubeiwangnankuosandetaishi，lamei、yindu、nanfeidengdoushiyiqingjiaoyanzhongdediqu，zheiyejinyibutuoyanlequanqiujingjihuifuzhengchangdeshijian，quanqiujingjixianrushuaituidegailvyuelaiyueda。

shijishang，jishimeiyouxinguanyiqing，quanqiujingjiyechuyuyigexiaxingdequshidangzhong，xiaxingdebenzhiyuanyinshijiegoushiheng，birushuomeiguomuqiandedongluan，biaomianshangkanshizhongzuwenti，danconggenbenshanglaishuo，shiyigepinfuchajuguodadewenti。zhengfucaiqudeyingduijucuobingbunenggougaibianjingjishuaituidequshi，zhishipinghuanlexielveryi。

界面新闻：您提到政府的应对举措，我们看到近期欧美多国纷纷推出刺激方案以提振经济。多国央行执行负利率以刺激信贷供给。您认为“负利率”是否是拯救经济的良药？长期来看是否存在隐患？

lixunlei：fulilvzuoyongbuda，piruriben、oumengdeng，doushifulilv，qitaguojiayeyouwangzheifangmiankaolongdequshi，birudajiayezaidanyou，meiguojianglaiyaogaofulilv。zheizhongzuofazhinengpinghuanyixiajingjishuaituidexielv。benlaixielvhuihendouqiao，zhixinglefulilv，youlelianghuakuansong，zheigexielvhuibiandexiangduipinghuanyidian，dantagaibianbulequshi。biruribendelilvzhangqichuyufeichangdidezhuangtai，danshihaishimeiyouyong。

suoyi，congzheidianlaijiang，wojuedewomenduiyuhuobizhengcefangmianbuyaojiyuguodadeqiwang，jiegouxingwentihaishiyaotongguogaigelaituijinjiejue，yiqingdewentiyewufatongguoyinchaolaijiejue。

GDP本身是一个结果，“六稳”“六保”目标更加精准

界面新闻：相比之下，中国政府推出的政策是否更为“克制”？今年政府工作报告首次未设GDP目标，在这样的情况下，您认为实现“六保”“六稳”需要从哪些方面发力？

lixunlei：zheiyangjiushide“liuwen”“liubao”mubiaogengjiajingzhun， gdpbenshengengyinggaishiyigejieguo，womenyaodingmubiaodehua，haishiyaodingyixiejiaoweijutidemubiao，birubaojiuyedeng。 zheicilianghuishangyetichulai，yaoxinzengjiuye900wan。

zheixiejutimubiaohuiladonggdpdezengzhang，biru900wandexinzengjiuyerenshu，duiyingdegdpdagaizaisangebaifendianzuoyou。suoyishijishang，suiranmeiyoushedinggdpdezhijiemubiao，danyehaishiyoujianjiemubiaode。

lingwaiyifangmian，genoumengxiangbi，genmeiguoxiangbi，womenzaigaigeshangmiandeliduhaishibijiaodade，zheijiuyouliyuzhongguojingjizhangqiwendingdezengzhang。dangranzengsuhaishihuixiayigetaijie，zheishiwomenyaomianduideyigexianshi。

界面新闻：有观点认为，“新基建”将成为我国对冲经济下行压力，为未来增长提供动力的重要抓手，您怎么看？

lixunlei：xinjijianzhuyaodeyingxiangyouliangfangmian，yigeshicujinxinjiudongnengdezhuanhuan，biru5gjiushixinjijiandeyigezhuyaoneirong，yaojiandaliangdejizhan，zheiyangdehuaxinyidaixinxijishudeyingyongtuiguangduiwomenjingjizhuanxingshiyoulide，duiwomenpeiyangxingchengxindejingjiredianyeshiyoulide。

lingwaiyifangmianshibuduanban，birutegaoyachengshiguidaojiaotongzheixieduanbandejijian，wojuedehaishixuyaozuode，duiyutishengchengshiyunzhuanxiaolv、jiejuejuminchuxingnanwenti、tishengrenminshenghuozhiliangdengfangmiandoushiyouhaochude。

审核2.0有助于科创板形成规模，T+0应该是个长期目标

界面新闻：科创板开板已满一整年，对于这一年来科创板的表现您作何评价？

lixunlei：wojuedezongtibiaoxianhaishilingrenmanyide，kechuangbancaiquleshichanghuadedingjia，suoxianxianchulaideshichongmanhuolihejihuide，shidecanyuzhenenggoucongzhongshouyi。zheibeihoushuomingleshenme？shizhongguojingjizhengzaishixianzhuanxingshengji，kechuangbandetuichushishunyinglezhongguojingjizhuanxingshengjizheiyangyigedadequshi，tuidonglewomenzibenshichangdegaige，yedailailehenduotouzijihui。

xianzaikechuangbanganggangyunxing1zhounian，kenengdajiayecunzaigezhonggeyangdedanyou。wojuedejianglaisuizhetuishizhidudezhubuguifanheyangezhixing，haishixiwangnenggoubahaozhiliangguan，rangshichanglaijuedingshichang。ruguogongsibuxing，zaixinxipilushangmianyouweigui，huoshizaimoufangmianmeiyoudadaoyaoqiu，jiuyinggaituichushichang。

界面新闻：今年以来特别是进入6月，科创板审核速度出现明显加快。上交所也提出，以实施“科创板发行上市审核2.0”为抓手，切实提高效率，优化审核服务，促进科创板做优做大。在您看来，这一新版审核的主要特点及成效有哪些？

lixunlei：guoqu，womenzongdanxingupiaokuorongguimoguoda，touzizheshifouyounenglichengshou。rujin，kechuangbanjiakuaishenhesudu，wojuedeshiyouxiaode，yebubibaoyouzhiqianneiyangdedanyou，yinweiwomendezibenshichangbushiangupiaoduoshaolaidingjia，ershikanyuqihuibaolvlaidingjia。kechuangbandeshenhe2.0banqishiyeshiyizhongjinbu，tongguozengjiazibenshichangdegongji，shidekechuangbanyouxiaodaoda、jianglainenggouzhubuxingchengyidingliangdeguimo。youleguimozhihou，caikeyixiyingengduodetouzizhelaicanyuzheigeshichang。

界面新闻：近期市场热议“T+0”等交易制度话题，能否谈下对于这一交易制度引入的必要性和重要性，以及实施的要点和难点？

lixunlei：guji“t+0”haishiyigezhangqimubiao，zhongguobijinghaishiyigexinxingshichang，bujizheyaoqiurenhezhidudouxunsuhequanqiuchengshushichangjiegui，fangxiangshimeiwentide，dankenengzhongjianhaishixuyaoyouyigeguocheng。

womenzibenshichangxuyaogaigededifanghaishihenduode，birushangzhengzongzhidequanzhongshezhiyehaishixuyaodiaozheng。yuzhixiangbidehua，“ t+0”weilaikendinghuishishi，danbushizuijideshiqing。

界面新闻：科创板指数迟迟未见推出，您认为这是出于哪些考虑？

lixunlei：zhishushiyigedaibiao，kejiaoweizhunquedefanyingzhenggebankuaidefazhanqingkuang。ruozaikechuangbanganggangchuangshe、gupiaoshuliangjiaoshaodeshihouguozaotuichuzhishu，neime，jianglaisuizhedaliangdekechuangqiyeshangshi，zhishudaibiaoxinghuishoudaoyingxiang。 suoyi，wojuedezheigejieduanhaibushihenzhejituichuzhishu，yaoxiqudangnianshangzhengzongzhidejiaoxun，shidewomendezhishubianzhigengjiakexue、gengyoudaibiaoxing。

界面新闻：对于上证综指的调整，您能否具体讲讲有何建议？

lixunlei：youjigefangmianxuyaokaolv：diyi，guanyunarushangzhengzongzhideshijian，wojuedeshibushikeyiyanhouyixia，muqianzheigeshijianhaishiyoudianguozaole。conglishijingyanlaijiang，henduogupiaofaxingdedingjiabushiwanquanshichanghuade，duiyuzheileibuwanquanshichanghuadingjiadegupiao，ruguoguozaojiangqinarushangzhengzongzhi，kongpaduizhishuhuidailaiyidingdefumianyingxiang。

dier， congfanweilaijiang，shibushisuoyougupiaodouyaonarudaozhishulimian？duineixieyejihenchade、shizhihenxiaode、jiaoyihenbuhuoyuedegupiao，shibushiyaonaru？

disan，narubiaozhundaodishikanzhenggegupiaozongshizhidedaxiao，haishikanliutongshizhidedaxiao，wojuedezheifangmianyeshiyaokaolvde。

界面新闻：目前创业板改革和多层次资本市场体系建设也在稳步推进，您认为创业板注册制能否激发市场及企业活力？如何做好配套制度建设及管理？

lixunlei：zhucezhishiquanqiufadajingjitishichangshangtongxingdeyigezhidu，woguozibenshichangchengli30zhounian，xianzaishixingzhucezhi，yeshibiaozhizhezhongguozibenshichangzhengzhujianzouxiangchengshu。

tuixingzhucezhi，duiyutigaowomenzhijierongzidebizhongshiyouhaochude，yinweizaizhucezhixia，qiyeshangshidetiaojiangengjiakuansong。tongshi，yekeyituijinzibenshichangdegaige。dajiayizhizaibaoyuan，womendeshichangzongshi“xiongzhangniuduan”，ruguoshixingzhucezhi，duiyuneixiekuisunde、jiaochadeshangshigongsi，jiukeyicaiqutuishidengshouduan，zheijiushidezhenggeshichangnenggouyoushenglietai，chufashangshigongsideweijigan，shidetamenzaibaohutouzizheliyi、tigaoqiyedeyunyingxiaolvdengfangmianyousuotisheng。

ciwai，wulunshizhucezhi，haishituishizhidu，douxuyaoyouxiangguanfalvzuoweibaozhang。zhengquanfajingguoxiugai，muqianyeyijingshishile，xinbanzhengquanfajiaqiangleduishichangweiguixingweidechengchulidu，wojuedezheidoushiyouliyuwomenzibenshichangdezhangqijiankangfazhande。

债券市场是慢牛，A股结构性机会始终存在

界面新闻：对于下半年的A股市场您怎么看？

lixunlei：shouxian，worenweibudahuiyouyigedaniushi，muqianhaishichuzaiyigequanqiuhuajingjixiaxingdequshidangzhong，qieyiqingheshijieshuyeshibuqingchude，suoyi，jiuxiangwomenxianzaimeiyousheding gdpzengsumubiaoyiyang，yaopanduanzhenggeagudezoushiyouyidingnandu。

danshiyouyidiankeyikending，jiushijiegouxingdejihuishizhongcunzai，erqiezhangqicunzai。agushichanghuiyuelaiyuegenquanqiujiegui，genquanqiudejiazhitouzilinianxiangjiegui，duiyuneixiejingyingguifan、xingyeshuxingjiaohaodetoubuqiye，xiabannianhaishihuiyoujiaohaodebiaoxian。

lingwaiyifangmian，womendelilvshuipinghaihuijinyibuxiadiao，guzhiyeyouwangjinyibutisheng，suoyi，wojuedehaishihuiyoujiegouxingdejihui。

界面新闻：您在文章中曾指出，A股走势明显弱于美股，而创业板表现相对沪指深指数则要更好，这与我国今年的宏观政策以及经济处于转型期有关，您认为这样的情况是否将长期存在？

lixunlei：haishihuizhangqichixu。 woyizhiqiangdiaodeshicunliangjingjishidaidefenhua，zheizhongfenhuazaishitijingjidangzhonghuibiaoxianchulai，zaizibenshichangshangyehuibiaoxianchulai。

muqianlaijiang，agucunzaizheliangdawenti：diyidawenti，womenzaigongsizhilifangmianhaiyoutishengdekongjian。womenshixinxingshichang，youhenduobuguifan、zhilinenglijiaochadewenti；diershiwomenguzhitixideniuquxianxiang。womenxianzaijiyulezhongxiaoshizhigupiaopiangaodeguzhi，duidashizhigupiaojiyulepiandideguzhi；duiyuxihuanjianggezhonggushi、cunzaihenduogainianticaidegupiao，shichangjideguzhishuipinghaishipiangao，erduiyuneixieyejijiaoweiqueding、zhuyingyewubijiaotuchudedashizhigongsi，jichudeguzhishuipinghaishipiandi，zheixieworenweiweilaihaishihuizuoyigexiangyingdediaozheng。

界面新闻：从近期股债市场表现来看，“跷跷板效应”明显，债券市场不断调整，您是否认为“债牛已尽”？

lixunlei：worenweizhaiquanshichangyinggaishigemanniu，xianzailaijiangdehua，dajiaduiyukuanxinyongdeyuqibijiaogao，renweixiadiaolilvdekongjianyouxian。wodeyigeluojishiquanqiujingjidashuaitui，zaidashuaituideqingkuangxia，lilvhaiyoujinyibuxiadiaodekongjian，suoyiwohaishikanhaolilvzhai。dangranzheigeguochenghuibijiaoman，bingbushiyicuerjiude。

界面新闻：当前环境下，您对于资产配置有何建议？

lixunlei：guanyuzichanpeizhi，yigeshibixianleide，yigeshitouzileide。xianglilvzhaihehuangjin，wojuedeshuyubixianleide；xiangfangdichan、gupiao，zeshuyutouzileide。touzileidezichanyoujiegouxingdejihui，birushuofangdichan，worenweisuizhechengshifenhua、renkouliuxiangbianhua，womenyinggenjurenkouliu、huobiliu，shenzhihaikeyijiashanghuowuliu、xinxiliuqupeizhifangdichan。zibenshichangfangmian，woqianmiansuojiangdeguanyuguzhitixideniuquwenti、chanyefenhuaheqiyefenhuadewenti，zheixiedoukeyizuoweizichanpeizhideyiju。