【中英文对照】2024年政府工作报告

1. We strengthened macro regulation and promoted steady economic recovery and growth. 

In light of grave challenges and the particular conditions of the post-Covid economic recovery, we took coordinated steps to ensure stable growth and sustain its momentum, and gave priority to consolidating the foundations of the economy and taking targeted measures. We ensured the proper timing, intensity, and effect in conducting macro regulation, and strengthened counter-cyclical adjustments. We refrained from resorting to a deluge of stimulus policies or strong short-term stimulus measures, and made greater efforts to promote high-quality development. Over the course of the year, China's economy experienced a slow start, but reached a midyear peak, and achieved stable growth in the latter half. 

To expand domestic demand, improve the economic structure, bolster confidence, and prevent and defuse risks, we adopted a full range of robust and effective policies, namely, extending and improving a number of time-limited policies and rolling out a new batch of timely policies. 

We enhanced the intensity and effectiveness of fiscal policies and ensured spending in key areas. Additional tax and fee relief measures introduced last year resulted in savings exceeding 2.2 trillion yuan, and an additional 1 trillion yuan of treasury bonds was issued to support post-disaster recovery and reconstruction and build up capacity for disaster prevention, mitigation, and relief. 

Monetary policies were implemented in a targeted and effective way. Required reserve ratios and policy interest rates were lowered two times, and there was a significant increase in loans issued to support scientific and technological innovation, advanced manufacturing, micro and small businesses, and green development initiatives. 

Thanks to policies to boost consumer spending such as those on automobiles, home furnishing, electronic products, and tourism, spending on big-ticket items steadily picked up and consumption of consumer services recovered quickly. 

We fully leveraged the role of government investment in boosting overall investment and adopted policies for promoting non-governmental investment. There was rapid growth in investments in energy and water conservancy infrastructure as well as the manufacturing sector. 

We improved city-specific policies on real estate regulation, worked to lower housing mortgage costs, and ensured the delivery of housing projects. We formulated and implemented a package of steps to address local government debt, dealt with financial risks by type, and ensured that no systemic risks arose.