Institute Professor FANG Ming said in an interview with Financial Times on March 26 that the US fiscal policy would continue to expand and that the Federal Reserve would not enter an interest rate hike cycle in advance in the short term, but there was already a widespread view that medium- and long-term inflation and interest rates would arise. The unavoidable structural turbulence in the markets would inevitably lead to turmoil in the financial system. The future direction of central bank monetary policy in emerging markets will depend on economic recovery, inflation and the robustness of the financial systems.