今年要重点抓好八个方面工作：

This year we will focus on the following eight areas.

（一）提高宏观调控水平，保持经济平稳较快发展

1. Exercising better macro-control and maintaining steady and rapid economic development

要继续实施积极的财政政策和适度宽松的货币政策，保持政策的连续性和稳定性，根据新形势新情况不断提高政策的针对性和灵活性，把握好政策实施的力度、节奏和重点。处理好保持经济平稳较快发展、调整经济结构和管理好通胀预期的关系。既要保持足够的政策力度、巩固经济回升向好的势头，又要加快经济结构调整、推动经济发展方式转变取得实质性进展，还要管理好通胀预期、稳定物价总水平。

We need to continue to implement a proactive fiscal policy and a moderately easy monetary policy. We need to maintain continuity and stability in our policies while constantly making them better-targeted and more flexible as circumstances and conditions change, and keep a good grasp of the intensity, pace and focus of their implementation. We need to skillfully handle the relationship between maintaining steady and rapid economic development, restructuring the economy and managing inflation expectations. We not only need to maintain sufficient policy intensity and consolidate the momentum of the economic turnaround, but we also need to accelerate economic restructuring and make substantive progress in transforming the pattern of economic development. In addition, we need to manage inflation expectations well and keep the overall level of prices stable.

继续实施积极的财政政策。

We will continue to implement a proactive fiscal policy.

一是保持适度的财政赤字和国债规模。今年拟安排财政赤字10500亿元，其中中央财政赤字8500亿元，继续代发地方债2000亿元并纳入地方财政预算。这样的安排主要是考虑到今年财政收支矛盾仍然十分突出。从财政收入看，上一年一次性特殊增收措施没有或减少了，还要继续实施结构性减税政策，财政收入增长不会太快；从财政支出看，继续实施应对国际金融危机的一揽子计划，完成在建项目、加强薄弱环节、推进改革、改善民生、维护稳定等都需要增加投入。

First, we will keep the deficit and government bonds at appropriate levels. This year, we have projected a deficit of 1.05 trillion yuan, which consists of 850 billion yuan in central government deficit and 200 billion yuan in local government bonds, which will be included in local government budgets. These arrangements are based mainly on the consideration that this year revenue will fall significantly short of expenditures. Regarding revenue, last year’s one-off measures to increase revenue will either not be repeated or will be decreased. We also need to continue to implement the policy of structural tax reductions; consequently, revenue will not increase very quickly. Regarding expenditures, we will continue to implement the package plan for dealing with the global financial crisis, and increase spending to complete work on projects now under construction, strengthen weak links, carry forward reform, improve people’s wellbeing and maintain stability.

二是继续实施结构性减税政策，促进扩大内需和经济结构调整。

Second, we will continue to implement the structural tax reduction policy to expand domestic demand and promote economic restructuring.

三是优化财政支出结构，有保有压，把钱花在刀刃上。继续向“三农”、民生、社会事业等领域倾斜，支持节能环保、自主创新和欠发达地区的建设。严格控制一般性支出，大力压缩公用经费。

Third, we will improve the structure of expenditures, maintain expenditures in some areas while reducing them in others, and spend our money where it counts the most. We will continue to give preference to agriculture, farmers, and rural areas, and to improving people’s wellbeing and developing social programs. We will support energy conservation, environmental protection, independent innovation, and development in underdeveloped areas. We will strictly control regular expenditures, and do all we can to reduce public spending.

四是切实加强政府性债务管理，增强内外部约束力，有效防范和化解潜在财政风险。同时，要依法加强税收征管和非税收入管理，严厉打击偷骗税行为，做到应收尽收。

Fourth, we will effectively improve government debt management, strengthen internal and external restraints, and effectively guard against and fend off latent public finance risks. In addition, we need to strengthen tax collection and supervision as well as supervision of non-tax revenue in accordance with the law, strictly crack down on tax fraud, and collect all due taxes.

继续实施适度宽松的货币政策。

We will continue to implement a moderately easy monetary policy.

一是保持货币信贷合理充裕。今年广义货币M2增长目标为17％左右，新增人民币贷款7.5万亿元左右。这两个指标虽然都低于去年实际执行结果，但仍然是一个适度宽松的政策目标，能够满足经济社会发展的合理资金需求。同时也有利于管理好通胀预期、提高金融支持经济发展的可持续性。

First, we will ensure that there are proper and sufficient supplies of money and credit. This year’s target for expanding the broad money supply (M2) is around 17%, and we will increase the total quantity of renminbi loans by approximately 7.5 trillion yuan. Although both of these increases are less than the actual increases last year, they are still moderately easy policy goals, and they can satisfy reasonable financial demands of economic and social development. In addition, these goals are beneficial for managing inflation expectations and making financial support for economic development more sustainable.

二是优化信贷结构。落实有保有控的信贷政策，加强对重点领域和薄弱环节的支持，有效缓解农户和小企业融资难问题，严格控制对“两高”行业和产能过剩行业的贷款。强化贷后管理，确保信贷资金支持实体经济。

Second, we will improve the credit structure. We will implement a credit policy that guarantees credit in some areas and limits it in others; increase support for important areas and weak links; effectively alleviate the difficulties farmers and small businesses have in obtaining financing; and strictly control loans to industries that are energy-intensive, highly polluting or saddled with overcapacity. We will strengthen post-loan supervision and ensure that loans are used to support the real economy.

三是积极扩大直接融资。完善多层次资本市场体系，扩大股权和债券融资规模，更好地满足多样化投融资需求。

Third, we will actively expand direct financing. We will improve the system of multilevel capital markets, increase financing by selling equities and issuing bonds, and better satisfy the diverse demand for investment and financing.

四是加强风险管理，提高金融监管有效性。探索建立宏观审慎管理制度，强化对跨境资本流动的有效监控，防范各类金融风险。继续完善人民币汇率形成机制，保持人民币汇率在合理、均衡水平上的基本稳定。

Fourth, we will strengthen risk management and make financial oversight and supervision more effective. We will explore ways to establish a system of prudent macro management, strengthen the monitoring of the cross-border flow of capital, and guard against all kinds of financial risks. We will continue to improve the mechanism for setting the renminbi exchange rate and keep it basically stable at an appropriate and balanced level.

积极扩大居民消费需求。继续提高农民收入、企业退休人员基本养老金、部分优抚对象待遇和城乡居民最低生活保障水平，增强居民特别是中低收入者消费能力。巩固扩大传统消费，积极培育信息、旅游、文化、健身、培训、养老、家庭服务等消费热点，促进消费结构优化升级。扩大消费信贷。加强商贸流通体系等基础设施建设，积极发展电子商务。整顿和规范市场秩序，努力营造便利、安全、放心的消费环境。继续实施和完善鼓励消费的各项政策措施。大幅提高家电下乡产品最高限价，增加品种和型号，扩大补贴范围，完善补贴标准和办法，加强对中标企业的管理和考核，提高产品质量和服务水平；完善家电、汽车以旧换新和汽车、摩托车下乡政策，小排量汽车购置税按7.5％征收。我们一定要落实好这些政策措施，把好事办好，真正让广大群众得到实惠。

We will energetically expand consumer demand. We will continue to increase farmers’ incomes, basic pensions of enterprise retirees, allowances to some entitled groups, subsistence allowances for urban and rural residents, and people’s purchasing power, especially low- and middle-income earners. We will strengthen and expand traditional consumption, and promote the upgrading of the consumption structure by actively cultivating areas of high consumption, such as information, tourism, culture, fitness, training, services for the elderly and household services. We will increase consumer credit. We will strengthen infrastructure, such as the logistics system, and vigorously develop e-commerce. We will overhaul and standardize markets to create a convenient, safe and worry-free environment for consumers. We will continue to implement and improve all of our policies and measures for encouraging consumption. We will considerably raise the maximum price limits for home appliances sold, in the countryside, increase types of appliances and models eligible for subsidies, expand the scope of subsidies, improve the criteria for qualifying for subsidies and the way subsidies are granted, strengthen supervision and evaluation of enterprises that win bids for contracts, and raise the quality of products and services. We will improve the policies for getting consumers to trade-in old motor vehicles and home appliances for new ones and getting rural residents to buy motor vehicles, and set the purchase tax for small-displacement automobiles at 7.5%. We must implement these policies and measures, do meaningful work and do it well, and make sure the benefits reach the people.

着力优化投资结构。各级政府投资都要集中力量保重点，严格控制新开工项目，资金安排主要用于项目续建和收尾，切实防止出现“半拉子”工程。扎实推进地震灾区恢复重建，保质保量完成任务。鼓励扩大民间投资，完善和落实促进民间投资的相关政策。加强和改进投资管理，严格执行用地、节能、环保、安全等市场准入标准和产业政策，切实防止重复建设。对有财政资金投入的建设项目，要加强全程监督，坚决避免以扩大内需为名，搞劳民伤财的形象工程和政绩工程。坚持科学民主决策，确保公共投资真正用于推进经济社会发展和改善人民生活，经得起实践和历史的检验。

We will strive to improve the investment structure. Government investment at all levels needs to be concentrated in the most important areas, and the launching of new projects must be strictly controlled. It should be used mainly for carrying on and completing projects, and we need to ensure that projects are not stopped midway. We will steadily move forward with the recovery and reconstruction of quake-hit areas, and make sure quality and quantity targets are met. We will encourage greater non-government investment, and improve and implement policies to achieve this goal. We will strengthen and improve the supervision of investment; strictly enforce market entry standards and industrial policies concerning land use, energy conservation, environmental protection, and safety; and effectively prevent redundant construction. For projects financed through the public treasury, relevant departments need to exercise oversight of the entire course of the project, and we must prevent the construction of image and vanity projects that waste manpower and money in the name of boosting domestic demand. We will adhere to scientific and democratic decision making, and ensure that public funds are spent on projects that promote economic and social development and improve people’s lives and that will stand the test of practice and history.