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Tell me exactly what might be the “gray rhinos” we are facing today.
您认为我们当下面临哪些“灰犀牛”事件？
Well I always tell people that perspective is important and of course I look at things from a big global macro point of view.
我总是跟人们说视角很重要，我的视角是一个大的全球宏观的视角。
So people should take what I say and then think specifically about how it relates to their own situation because they're going to see that way better than I do.
因此我认为大家听了我的观点之后应该再思考如何与他们自己的情况连接起来，因为他们对自己的情况比我要清楚的多。
But on the global macro level there are three big things that I see.
在全球宏观层面上，有三大方面我认为可以称为“灰犀牛”事件。
One is these financial fragilities, a debt overhangs, the effects of the popping of a very very large asset bubble because of very low monetary policy, very very loose monetary policy for so long and corporate debts and bank instability.
一个是金融脆弱性，债务积压，一个非常非常大的资产泡沫破裂会造成的影响。这是由长期非常非常宽松的货币政策造成的，企业债务和银行的不稳定性。
Now we're starting to see all of these come together.
现在我们开始看到所有这些结合在一起。
These things that I've been talking about for some time that we're just delayed by the the pandemic.
其实我谈论这些问题已经很久了，只是事件的发生被疫情推迟了。
Along with that is climate change which also has a very big financial impact for insurance companies whether they're capitalized enough, for the extreme weather that we're seeing how municipalities and governments are going to pay both for the damages but also for the zero carbon transition.
第二大方面是气候变化，这对保险公司也有非常大的财务影响，他们是否由足够的资本来应对我们所看到的极端天气，市政当局和政府将如何为气候变化买单，既包括损失也包括零碳转型。
And I've been talking for quite some time about inequality.
第三方面是不平等，这一点我也已经讲了很长时间了。
And it relates to both of those, but now it's the inequality I think is has really morphed into a new form by sparking a lot of populism and often domestic problems spill over into international tensions.
它与前两者都有关系，但现在我认为不平等已经进入了一种新的形式，引发了大量的民粹主义，各国内部问题往往会演变成国际紧张局势。
Because the oldest political trick in the book is to say okay we're going to blame the immigrants, we're going to blame the other countries.
因为最古老的政治伎俩就是把国内问题都赖在移民身上，或是归咎于别的国家。
And we see so much of that in the United States right now with the political instability that we're having with the all of the economic problems that we've had.
我们现在在美国看到了很多这样的事情，我们面临着政治不稳定和所有的经济问题。
And so for me even geopolitical tensions have risen above inequality, even though they're partly caused by it.
我现在认为，地缘政治危机已经比不平等要更严重，尽管地缘政治的紧张在一定程度上是由不平等造成的。
And I'm quite concerned about that so all three of these come together in a crash a a group of “gray rhinos” that make each of the others even more powerful than it would be on its own.
我对此很担心，所以这三只“灰犀牛”一起发起冲击，产生的影响力大大超过了每一个独立的事件。
China has been practicing what it calls as an internal circulation external circulation, what is your understanding of the logic behind this.
中国经济正在践行国内国际双循环，您如何理解其中的逻辑？
Well I think dual circulation recognizes the growing capacity within China for being a consumption-driven economy not just investment.
我认为经济的国内国际双循环表明了中国正在靠拉动内需驱动经济发展，而不只是依靠投资拉动经济。
