The above projected targets are ambitious but realistic—they represent our aim of promoting high-quality development, are in keeping with the current realities of China's development, and are aligned with the goal of completing the building of a moderately prosperous society in all respects. But to realize these goals we need to redouble our efforts.

要正确把握宏观政策取向，继续实施积极的财政政策和稳健的货币政策，实施就业优先政策，加强政策协调配合，确保经济运行在合理区间，促进经济社会持续健康发展。

We will ensure that the right direction is set for the pursuit of our macro policies. We will continue to pursue a proactive fiscal policy and a prudent monetary policy, implement an employment-first policy, and strengthen the coordination between these policies to keep major economic indicators within an appropriate range and sustain healthy economic and social development.

积极的财政政策要加力提效。今年赤字率拟按2.8%安排，比去年预算高0.2个百分点;财政赤字2.76万亿元，其中中央财政赤字1.83万亿元，地方财政赤字9300亿元。适度提高赤字率，综合考虑了财政收支、专项债券发行等因素，也考虑为应对今后可能出现的风险留出政策空间。今年财政支出超过23万亿元，增长6.5%。中央对地方均衡性转移支付增长10.9%。改革完善县级基本财力保障机制，缓解困难地区财政运转压力，决不让基本民生保障出问题。

We will pursue a proactive fiscal policy with greater intensity and enhance its performance. Deficit-to-GDP ratio this year is projected at 2.8 percent, a 0.2-percentage-point increase over that of last year. The budgetary deficit is projected at 2.76 trillion yuan, with a central government deficit of 1.83 trillion yuan and a local government deficit of 0.93 trillion yuan. In moderately increasing the deficit-to-GDP ratio, we have given full consideration to factors such as government revenue and expenditure and the issuance of special bonds; we have also taken into account the need to leave policy space to address risks that could arise in the future.

Government expenditure is budgeted at over 23 trillion yuan, a 6.5 percent increase. The central government's transfer payments to local governments for equalizing access to basic public services will increase by 10.9 percent. We will reform and improve the mechanism for ensuring basic fiscal capacity at the county level, ease the pressure of budgetary constraints faced by some localities, and make certain that people's basic living needs are met.

稳健的货币政策要松紧适度。广义货币M2和社会融资规模增速要与国内生产总值名义增速相匹配，以更好满足经济运行保持在合理区间的需要。在实际执行中，既要把好货币供给总闸门，不搞“大水漫灌”，又要灵活运用多种货币政策工具，疏通货币政策传导渠道，保持流动性合理充裕，有效缓解实体经济特别是民营和小微企业融资难融资贵问题，防范化解金融风险。深化利率市场化改革，降低实际利率水平。完善汇率形成机制，保持人民币汇率在合理均衡水平上的基本稳定。

Our prudent monetary policy will be eased or tightened to the right degree. Increases in M2 money supply and aggregate financing should be in keeping with nominal GDP growth to keep major indicators within an appropriate range.

In implementation, we will ensure the valve on aggregate monetary supply is well controlled and refrain from using a deluge of stimulus policies; but will also use flexibly a variety of monetary policy instruments to improve the transmission mechanism of monetary policy, maintain reasonably sufficient liquidity, effectively mitigate difficulties faced in the real economy, especially by private enterprises and small and micro businesses, in accessing affordable financing, and forestall and defuse financial risks.

We will deepen reforms to strengthen the market's role in setting interest rates and lower real interest rates. We will improve the exchange rate mechanism and keep the RMB exchange rate generally stable and at an adaptive and balanced level.

就业优先政策要全面发力。就业是民生之本、财富之源。今年首次将就业优先政策置于宏观政策层面，旨在强化各方面重视就业、支持就业的导向。当前和今后一个时期，我国就业总量压力不减、结构性矛盾凸显，新的影响因素还在增加，必须把就业摆在更加突出位置。稳增长首要是为保就业。今年城镇新增就业要在实现预期目标的基础上，力争达到近几年的实际规模，既保障城镇劳动力就业，也为农业富余劳动力转移就业留出空间。只要就业稳、收入增，我们就更有底气。

An employment-first policy will be pursued with full force. Employment is the cornerstone of wellbeing, and the wellspring of wealth. This year, for the first time, we are elevating the employment-first policy to the status of a macro policy. This is to increase society-wide attention to employment and support for it. Both in the immediate future and for some time to come, the pressure on aggregate job creation will continue unabated, the related structural issues will become more pronounced, and new factors that affect employment will continue to grow. All this means we must give greater priority to increasing employment.