These impressive achievements played a vital role in our effective response to the severe impact of the global financial crisis, and laid a solid foundation for sustaining China's economic and social development. They have benefited and will continue to benefit hundreds of millions ofpeople.

　　我们始终注重处理好保持经济平稳较快发展、调整经济结构和管理通胀预期的关系，增强宏观政策的前瞻性、科学性、有效性，注意把握好政策的取向、力度和重点。

　　We always strove to maintain a balance between ensuring steady and rapid economic development, adjusting the economic structure, and managing inflation expectations. We made government macro policies more forward-looking, scientific and effective and implemented them with proper orientation, force and focus.

　　在国际金融危机冲击最严重时，果断实施积极的财政政策和适度宽松的货币政策，综合运用多种财政政策工具，增加政府支出，实行结构性减税;有效运用存款准备金率、利率等货币政策工具，保持货币信贷合理增长。

　　When the impact of the global financial crisis was at its worst, we resolutely implemented a proactive fiscal policy and a moderately easy monetary policy, employed a full range of financial policy tools, increased government spending and made structural tax reductions. We effectively employed monetary policy instruments such as adjusting required reserve ratios and interest rates to maintain proper growth in the money and credit supply.

　　根据宏观经济走势的变化，我们及时调整政策力度，适时退出刺激政策，实施积极的财政政策和稳健的货币政策。

　　In response to changing macroeconomic trends, we promptly adjusted the intensity of policy implementation, reduced the force of stimulus policies at an appropriate time, and implemented a proactive fiscal policy and a prudent monetary policy.

　　在财政政策运用上，坚持统筹兼顾，注重综合平衡。

　　We took a holistic and balanced approach in employing fiscal policy.

　　财政赤字占国内生产总值的比重从2009年的2.8%降到去年的1.5%左右，赤字率和债务负担率保持在安全水平。加强地方政府性债务全面审计和地方政府融资平台管理，有效控制经济运行中的风险隐患。

　　As a result, the government deficit dropped from 2.8% of GDP in 2009 to about 1.5% last year, and both deficit-to-GDP and debt-to-GDP ratios remained at a safe level. We strengthened comprehensive auditing of local governments' debt and management of their financing platforms, thus effectively controlling latent economic risks.

　　在货币政策运用上，始终注意把握稳增长、控物价和防风险之间的平衡。

　　In employing monetary policy, we maintained a balance between ensuring steady growth, maintaining price stability and warding off risks.

　　金融体系运行稳健，银行业风险抵御能力持续增强，资本充足率从2007年底的8.4%提升到去年底的13.3%，不良贷款率由6.1%下降到0.95%，一直保持在较低水平。

　　The financial system functioned soundly. The banking sector became better able to avert risks. Its capital adequacy rate increased from 8.4% at the end of 2007 to 13.3% by the end of last year, and its non-performing loans were kept at a low level, dropping from 6.1% to 0.95%.

　　坚持搞好房地产市场调控不动摇，遏制了房价过快上涨势头。

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