With the risk of large-scale and systematic financial market crashes all but diminished, 2011 marks the beginning of the post-crisis era for the global economy and financial markets. But an old friend of 2010-liquidity-will linger in the new year. Li Daokui,a professor at Tsinghua University and member of the Monetary Policy Committee of the People"s Bank of China, believes excess liquidity will be present for the next three to five years. Li shared his view during an interview with Securities Times. Edited excerpts follow: