《中国新时代》:您认为股市与经济的关系是怎样的?股市的涨跌与哪些因素相关?张云涛:股市是经济的晴雨表,经济是影响股市涨跌的主要因素,当然不是唯一因素。在效率比较有效的市场里,这一点愈加明显。比如发达国家的股市。除了经济因素,股市的涨跌还跟经济周期、宏观经济政策、资金供应量水平、市场内在结构、大类资产之间的相对吸引力对比等因素有关。《中国新时代》:中国股市能够正确反映中国经济情况吗?现在中国股市长期 “China’s New Era”: What do you think is the relationship between the stock market and the economy? What are the factors related to the ups and downs of the stock market? Zhang Yuntao: The stock market is a barometer of the economy. The economy is the main factor that affects the ups and downs of the stock market. Of course, this is not the only factor. This is all the more apparent in more efficient markets. Such as the stock market in developed countries. In addition to economic factors, the ups and downs of the stock market are also related to such factors as the economic cycle, macroeconomic policies, the level of capital supply, the inherent structure of the market, and the relative attractiveness of different types of assets. “China’s New Era”: Does China’s Stock Market Correctly Reflect China’s Economic Situation? Now that the long-term Chinese stock market