实施更加积极有为的宏观政策
Implementing More Proactive and Impactful Macro Policies
秋平
Qiu Ping
2025年要保持经济稳定增长，保持就业、物价总体稳定，保持国际收支基本平衡，促进居民收入增长和经济增长同步。
In 2025, we must maintain a steady pace of growth, keep employment and prices generally stable, ensure a basic equilibrium in the balance of payments, and ensure that personal income rises in step with economic growth.
为此，要实施更加积极有为的宏观政策，也就是实施更加积极的财政政策和适度宽松的货币政策，为实现全年目标任务提供强有力的政策支撑。
To achieve this, we must implement more proactive and impactful macro policies. This means adopting a more proactive fiscal policy and an appropriately accommodative monetary policy, ensuring strong policy support for accomplishing our goals and tasks for the year.
实施更加积极的财政政策。
Adopting a more proactive fiscal policy
统筹安排收入、债券等各类财政资金，用好税收、赤字、转移支付等多种财政政策工具，确保财政政策持续用力、更加给力。
We should make overall plans for fiscal funds, including revenue and bonds, and effectively use various policy instruments, such as taxation, deficits, and transfer payments, to ensure that fiscal policy has a sustained effect and delivers greater impact.
当前中国政府债务风险总体可控，特别是中央财政还有较大的举债空间。
At present, Chinese government debt risks remain broadly manageable, especially as the central government has considerable capacity for additional borrowing.
要提高财政赤字率、增加赤字规模，增加发行超长期特别国债和地方政府专项债券，加大财政支出强度，确保对经济增长形成有力拉动。
In light of this, we should increase the deficit-to-GDP ratio and expand the deficit, issue further ultra-long-term special treasury bonds and local government special-purpose bonds, and enhance the intensity of fiscal spending to ensure powerful support for economic growth.
同时，政策着力点要更加精准，更加注重惠民生、促消费、增后劲。
At the same time, we must ensure a sharper policy focus, with a stronger emphasis on improving people's lives, promoting consumption, and maintaining economic momentum.
要优化财政支出结构，加强重点领域保障，提高资金使用效益。用好转移支付政策和资金，加强动态监测、分级预警，兜牢基层“三保”底线。
The mix of fiscal expenditure should be optimized to ensure support for key areas and enhance the effectiveness of funds. We must make good use of transfer payment policies and funds and step up ongoing monitoring and tiered early warning to ensure that, at the primary level, basic living needs are met, salaries are paid, and governments function smoothly.
扩大地方政府专项债券投向领域和用作项目资本金范围，在补短板、强弱项、防风险等方面发挥更大作用。
We should expand the range of eligible investment sectors for local government special-purpose bonds and broaden the scope for using these funds as project capital, ensuring they are better leveraged to shore up weak links and guard against risks.
实施适度宽松的货币政策。
Implementing an appropriately accommodative monetary policy
进一步发挥好货币政策工具总量和结构双重功能，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。
Further efforts should be made to leverage monetary policy tools to adjust both the monetary aggregate and structure; we must ensure that aggregate financing and the M2 money supply increase generally in step with the projected targets for nominal economic growth and overall prices.
要适时降准降息，用好公开市场操作等工具，保持流动性充裕，加大对重大战略、重点领域和薄弱环节的支持力度。
Well-timed reductions should be made to the reserve requirement ratio and interest rates. We should use open market operations and other policy instruments to maintain ample liquidity and boost support for major strategies, key sectors, and weak areas.
充分满足有效资金需求，推动资金充分流向实体经济，助力实现增长稳、就业稳和物价合理回升的优化组合。
We must ensure that legitimate funding needs are effectively satisfied and channel a sufficient flow of funds toward the real economy to achieve the optimal mix of stable growth, stable employment, and a reasonable price rebound.
进一步疏通货币政策传导机制，保持货币信贷较快增长，推动社会综合融资成本下降。引导金融机构进一步做好科技金融、绿色金融、普惠金融、养老金融、数字金融。
We need to further improve the monetary policy transmission mechanism, promote relatively rapid growth in the supply of money and credit, and realize a reduction in overall financing costs. Financial institutions should receive guidance on improving technology finance, green finance, inclusive finance, pension finance, and digital finance.
进一步发挥支持小微企业融资协调工作机制作用，引导信贷资金直达基层、快速便捷、利率适宜，有效缓解小微企业融资难贵慢问题。
We should further leverage the coordinated financing mechanisms for micro and small enterprises to ensure that credit funds flow to the community level and can be quickly and conveniently accessed at appropriate interest rates. This will effectively alleviate the problem of small businesses finding it difficult, costly, and time-consuming to obtain financing.
保持人民币汇率在合理均衡水平上的基本稳定。探索拓展中央银行宏观审慎与金融稳定功能，创新金融工具，维护金融市场稳定。
The RMB exchange rate should be kept basically stable at an appropriate, balanced level. Furthermore, experiments should be conducted into expanding the central bank's macro-prudential and financial stability functions.
打出有力有效的政策“组合拳”。
Enhancing policy coordination
坚持稳中求进、以进促稳，守正创新、先立后破，系统集成、协同配合。
We must continue to pursue economic growth while ensuring stability and promote stability through growth. We should uphold fundamental principles and break new ground, introduce new policies before abolishing the old, and strive to enhance integration and coordination.
以战略思维和全局视野统筹谋划经济工作，防止政策相互掣肘。
It is important to plan economic work from a strategic and holistic perspective in order to prevent policy conflicts.
把经济政策和非经济性政策统一纳入宏观政策取向一致性评估，各地区各部门无论出台经济政策还是非经济性政策，都要主动评估对经济发展的影响，形成各方面共同推动高质量发展的强大合力。
We should include economic and non-economic policies in evaluations of the consistency of macroeconomic policy orientation. All regions and departments must assess the potential economic impact of all policies they introduce, whether economic or otherwise. This will help generate powerful synergy for promoting high-quality economic development.
统筹政策制定和执行全过程，加强部门协同、上下联动，促进政策从“最初一公里”到“最后一公里”衔接协同，消除“中梗阻”，提高政策整体效能。
We must enhance coordination throughout the entire policy formulation and implementation process, ensuring stronger collaboration between departments and across different levels of government at all stages, from first inception to final delivery, in order to eliminate all administrative impediments and increase the overall effectiveness of policies.
中文编辑：郝遥 尚烨
英文编辑：李晓琼
审校：张娴 衣小伟
监制：李达 李振通
