With the world economy still mired in recession, it is by no means easy for us to have come this far. The achievements we have made are not something that dropped into our lap. Rather, they are the results of the proactive fiscal policy and moderately easy monetary policy and the stimulus package that the Chinese government and people have pursued in line with the national conditions. Some people take a simplistic view and believe that China’s stimulus package means only the four trillion RMB yuan investment. This is a total misunderstanding.
——我们实施的一揽子计划，是以扩大内需为主、消费与投资拉动相结合的计划。新增4万亿元的两年投资计划中，中央政府投资1.18万亿元，主要起四两拨千斤的作用，带动地方和社会资金参与建设。我们大力刺激消费，推动经济增长向内需特别是居民消费需求拉动转变。增加农民补贴，提高粮食最低收购价，实施中小学教师绩效工资，提高城乡低保补助水平，增强城乡居民消费能力。对家电、农机、汽车、摩托车下乡以及汽车、家电“以旧换新”给予财政补贴，对购买小排量、节能环保型汽车减半征收车辆购置税，拉动消费增长。前7个月，累计销售汽车731万辆，社会商品零售总额累计增长15%。
China’s stimulus package focuses on expanding domestic demand and is aimed at driving economic growth through both consumption and investment. Of the total four trillion yuan in the two-year investment program, 1.18 trillion yuan will come from the central government, and it will mainly be used to generate greater investment by local governments and the non-public sector. We have made vigorous efforts to stimulate consumption and make domestic demand, particularly consumer spending the primary driver of economic growth. We have increased subsidies for farmers, raised the minimum purchasing price of grains, introduced performance-based salaries for primary and middle school teachers, and increased the basic cost of living allowances for urban and rural residents so that the people will be able to spend more. In order to boost consumption, we have offered subsidies for the program of bringing home appliances, agricultural machinery, automobiles and motorcycles to the countryside and the program of exchanging used automobiles and home appliances for new ones. Purchase taxes on small-engine and energy conserving and environment friendly cars have been cut by half. In the first seven months, a total of 7.31 million cars were sold and total retail sales of consumer goods rose by 15 percent.
——我们实施的一揽子计划，是当前和长远相结合、保增长与调结构相统一的计划。截至今年7月底，中央下达的投资中，保障性住房、农村民生工程、社会事业投资占52.4%，自主创新和结构调整、节能减排和生态建设投资占24.7%，重大基础设施建设占22.9%。中央扩大投资的方向非常明确，主要用于加强经济社会发展薄弱环节，消除国民经济瓶颈制约，在积极拉动内需的同时，促进结构调整和发展方式转变。我们制定实施10个重点产业调整和振兴规划，既着眼于解决当前困难，又致力于产业的长远发展，特别是加强技术改造和科技创新，抑制产能过剩，支持战略性新兴产业发展，将大大增强中国经济的可持续发展能力。
China’s stimulus package aims to address both immediate problems and long-term needs, and achieve economic growth in the course of restructuring. By the end of July, 52.4 percent of the investment made by the central government had gone to government-subsidized housing, projects for better rural livelihood and social programs. Another 24.7 percent had been channeled into areas such as independent innovation, economic restructuring, energy conservation, emission reduction and ecological enhancement. Only 22.9 percent of the investment had been used for major infrastructure projects. This shows that the central government has a clear vision in expanding investment, that is, the money should focus on shoring up the weak links in economic and social development, help remove the bottlenecks in the national economy, and contribute to structural readjustment and transformation in the development model while giving a strong push to domestic demand. We have formulated and carried out plans to adjust and reinvigorate ten key industries, with a view to both addressing their immediate difficulties and ensuring their long- term development. In particular, we want to strengthen technical upgrading and innovation, rein in excess capacity and support the development of new industries of strategic significance so that the Chinese economy will be put on a more sustainable path.
——我们实施的一揽子计划，是政府与市场作用相统一、发展与改革相促进的计划。政府资金主要投向公共领域，并发挥对社会资金的引导作用；结构性减税约5500亿元，旨在增强企业的投资能力和居民的消费能力。运用财政贴息、税收等手段，引导企业调整结构，兼并重组。调低利率和存款准备金率，保持银行体系流动性合理充裕。今年重点推进的各项改革，都着眼于消除体制性、结构性矛盾，增强经济发展的活力与动力。
China’s stimulus package seeks to coordinate the role of the government and the market and enable development and reform to advance in a mutually reinforcing way. The bulk of government funds will go into public services and serve as a guide for the flow of non-public funds. The structural tax cuts involving 550 billion yuan are aimed at raising corporate capacity to invest and people’s ability to spend. The government-funded interest discount and tax tools are designed to encourage the restructuring, merger and reorganization of enterprises. And the cut in interest rate and the required reserve ratio has ensured reasonably adequate liquidity in the banking system. All the key reform measures that we have taken this year are intended to eliminate the institutional and structural barriers in the economy and strengthen the vitality and dynamism of economic growth.
——我们实施的一揽子计划，是既保增长、又惠民生的计划。我们将公共资源配置向民生工程倾斜。在全国10%的县市区试点新型农村社会养老保险，覆盖9000万人。全面推进医药卫生体制改革，3年各级政府新增投入8500亿元，缓解城乡居民“看病难、看病贵”问题；中央财政还安排429亿元，解决关闭破产国有企业退休人员的医疗保障问题。千方百计扩大就业，特别是高校毕业生和农民工等重点群体就业。2009年，中央财政安排用于教育、医疗卫生、社会保障和就业、保障性安居工程等民生方面的支出比上年增长29.4%。
China’s stimulus package is designed to both sustain economic growth and improve people’s livelihood. We give priority to projects affecting people’s well-being in allocating public resources. We have introduced, on a trial basis, a new rural old-age insurance program in 10% of the counties across the country, with a total coverage of 90 million people. We are pressing ahead with comprehensive reform in the pharmaceutical and health care system. Within a period of three years, governments at all levels will invest an additional 850 billion yuan to make medical services more accessible and affordable for both urban and rural residents. The central government has set aside 42.9 billion yuan to provide medical insurance for all retirees of the closed or bankrupt state owned enterprises. We are taking all possible steps to expand employment, particularly jobs for college graduates and rural migrant workers. For the year of 2009, the central budget for education, medical and health care, social security, employment, government-subsidized housing and other programs related to people’s well-being will be 29.4% higher than that of last year.
总的看，我们应对国际金融危机采取的宏观经济政策和一揽子计划是符合中国实际的，也是及时的、有力的、有效的。但是，中国经济企稳回升的态势还不稳定、不巩固、不平衡。世界经济前景还存在诸多不确定因素，外需下滑的压力仍然很大；扩大内需在短期内受到多方面制约，一些行业、企业经营仍然困难，结构调整的任务十分艰巨；一些刺激政策的效应会递减，一些着眼长远的政策收到成效需要时间。因此，我们不能也不会在不适当的条件下改变政策方向。我们将继续把保持经济平稳较快发展作为首要任务，坚定不移地继续实施积极的财政政策和适度宽松的货币政策，全面落实并不断丰富和完善一揽子计划，及时发现和解决经济运行中的新情况、新问题，提高政策的针对性、有效性和可持续性，同时，警惕和防范包括通胀在内的各种潜在风险，推动中国经济平稳较快发展和社会和谐稳定。
China’s macro-economic policy and the stimulus package are on the whole in keeping with the country’s reality and have proven to be timely, forceful and effective. However, the stabilization and recovery of the Chinese economy is not yet steady, solid and balanced. With many uncertainties remaining in the prospects of the world economy, we still face tremendous pressure of the decline in external demand. And we are under various constraints in expanding domestic demand in the short term. Some industries and businesses remain in a difficult situation, and the task of economic restructuring is a daunting one. Some of the stimulus measures will see their effect wane, and it will take time before those long-term policies show effect. Given such a state of affairs, we cannot and will not change our policy direction in the absence of proper conditions. We will continue to take maintaining steady and relatively fast economic growth as our primary task. We will unswervingly follow the proactive fiscal policy and moderately easy monetary policy, and fully implement and continuously enrich and improve the stimulus package. We will promptly identify and address new developments and new problems in the economy, make our policies more targeted, effective and sustainable, and guard against and fend off various potential risks, including inflation, so that the Chinese economy will achieve fast and steady growth and the country will enjoy social stability and harmony.
女士们，先生们：
Ladies and Gentlemen,
国际金融危机对世界经济的影响是深远的，中国也不例外，应对国际金融危机将是一项长期艰巨的任务。我们政策的着力点不仅在于克服短期困难，更要着眼于长远发展，从根本上解决制约中国经济健康发展的体制性、结构性矛盾，全面增强经济发展的内在动力，全面增强经济、社会的整体素质和可持续发展能力，为全面建成惠及十几亿人口的更高水平的小康社会打下更加牢固的基础。
The international financial crisis has inflicted far-reaching impact on the world economy, and China’s economy has not been immune. To counter the global financial crisis is a long-term and arduous task. Our policies should not only focus on overcoming the short-term difficulties, but also, and more importantly, ensure long-term development. They should seek to bring a fundamental solution to the institutional and structural problems constraining the sound growth of China’s economy, boost the internal dynamism of economic growth in an all-round way, and raise the overall quality of economic and social progress and the capacity for sustainable development. This way, we will lay a more solid foundation for building a moderately prosperous society at a higher level to the benefit of the more than one billion population.
我们要把调整经济结构作为主攻方向，更加注重以内需、特别是最终消费拉动经济增长。扩大内需是中国经济发展的长期战略方针，是应对国际金融危机、抵御外部风险的必由之路。必须大力调整内需外需结构，不断增强内需对经济增长的拉动力。特别要提高消费在内需中的比重，努力增加城乡居民收入，改善居民消费预期，提高居民消费意愿和能力。保持投资合理增长，优化投资结构，提高投资效益，淘汰落后产能，推动兼并重组，防止重复建设。我们要把加快发展服务业作为结构调整的关键环节，作为扩大内需的重点任务，作为促进供需平衡增长的重要结合点。把发展服务业与调整需求结构结合起来，与鼓励民营经济发展结合起来，与扩大就业结合起来，不断提高服务业占国内生产总值的比重，提高服务业市场化、产业化、社会化水平。
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