This year, we will continue to pursue a proactive fiscal policy and a prudent monetary policy.

今年要继续实施积极的财政政策和稳健的货币政策，

On the basis of conducting range-based regulation, we will focus more on targeted and well-timed regulation and improve the predictability, precision, and effectiveness of our regulation.

在区间调控基础上加强定向调控、相机调控，提高预见性、精准性和有效性，

注:

此处多数内容与[Part 2]对应。

range-based regulation

区间调控

targeted and well-timed regulation

定向调控、相机调控

We will strengthen coordination of consumption, investment, regional, industrial, and environmental protection policies,

注重消费、投资、区域、产业、环保等政策的协调配合，

and ensure the economy performs within an appropriate range.

确保经济运行在合理区间。

We will pursue a more proactive and effective fiscal policy.

财政政策要更加积极有效。

This year's deficit-to-GDP ratio is projected to be 3 percent,

今年赤字率拟按3%安排，

注:

deficit-to-GDP ratio

赤字率表示的是一定时期内财政赤字额与同期国民生产总值之间的比例关系。

fiscal deficit

财政赤字

with the fiscal deficit set at 2.38 trillion yuan, representing a year-on-year increase of 200 billion yuan.

财政赤字2.38万亿元，比去年增加2000亿元。

To break this down, the projected deficit of the central government is 1.55 trillion yuan, and the projected deficit of local governments is 830 billion yuan.

其中，中央财政赤字1.55万亿元，地方财政赤字8300亿元。

@LearnAndRecord

Local government special bonds to be issued will total 800 billion yuan,

安排地方专项债券8000亿元，

注:[Part 2]内容

bond:an official paper given by the government or a company to show that you have lent them money that they will pay back to you at a particular interest rate 公债，债券

I invested some money in savings bonds.

我在储蓄公债上投了一些钱。

and local government bonds will continue to be issued to replace their outstanding debt.

继续发行地方政府置换债券。

注:

outstanding debt

未偿债务；未还债款

The main reason for keeping this year's deficit-to-GDP ratio unchanged is to allow for further reductions in taxes and fees.

今年赤字率保持不变，主要是为了进一步减税降费，

注:

reductions in taxes and fees

减税降费

Over the course of the year, the tax burden on businesses will be further eased by around 350 billion yuan,

全年再减少企业税负3500亿元左右、

注:

the tax burden on businesses

企业税负

and business related fees will be further cut by around 200 billion yuan to benefit market entities.

涉企收费约2000亿元，一定要让市场主体有切身感受。

注:

business related fees

涉企收费

market entities

市场主体

Government budgets should highlight priorities; spending in some areas should be maintained while in others cuts should be made;

财政预算安排要突出重点、有保有压，

and more should be spent to strengthen areas of weakness and improve living standards.

加大力度补短板、惠民生。

注:

strengthen areas of weakness

补短板

improve living standards

惠民生

General transfer payments to local governments will be increased by 9.5 percent,

对地方一般性转移支付规模增长9.5%，

注:

General transfer payments

一般性转移支付

with the focus on increasing transfer payments for equalizing access to basic public servicesand stepping up subsidies for regions facing economic difficulties.

重点增加均衡性转移支付和困难地区财力补助。

@LearnAndRecord

注:

transfer payments for equalizing access to basic public services

均衡性转移支付是当同一级政府存在少量或没有财政赤字的情况下，上级政府把从富裕地区集中的一部分收入转移到贫困地区的补助。其要主目的是消除各地方政府间存在的税收能力与其基本需求开支的横向不均衡，力求保证各地区间社会公共服务水平的基本一致性。

We will scale down non-priority spending and cut budgets for projects that do not deliver desired outcomes.

压缩非重点支出，减少对绩效不高项目的预算安排。

注:

scale down:to make something smaller than it was or smaller than it was planned to be 缩减，缩小

A shortage of money has forced them to scale down the project.

由于缺乏资金，他们被迫缩减项目的规模。

Governments at all levels should tighten their belts,

各级政府要坚持过紧日子，

注:

tighten your belt:to spend less money than you did before because you have less money 勒紧裤带，省吃俭用

I've had to tighten my belt since I stopped working full-time.

自从我停止全职工作以来，就不得不勒紧裤带过日子。

and central government departments should take the lead by cutting no less than 5 percent of their general expenditures.

中央部门要带头，一律按不低于5%的幅度压减一般性支出，

注:

general expenditures

一般性支出

No increase in spending on official overseas visits, official vehicles, or official hospitality is permitted;

决不允许增加“三公”经费，

注:

spending on official overseas visits, official vehicles, or official hospitality

三公消费，指政府部门人员因公出国（境）经费、公务车购置及运行费、公务招待费产生的消费。

and we will squeeze out more funds to cover cuts in taxes and fees.

挤出更多资金用于减税降费，

We will keep government spending low and enrich our people.

坚守节用裕民的正道。

注:

keep government spending low and enrich our people

节用裕民

We will continue to pursue a prudent and neutral monetary policy.

货币政策要保持稳健中性。

The M2 money supply and aggregate financing are forecasted to grow by around 12 percent in 2017.

今年广义货币M2和社会融资规模余额预期增长均为12%左右。

注:

aggregate financing

融资总量

We will apply a full range of monetary policy instruments, maintain basic stability in liquidity,

要综合运用货币政策工具，维护流动性基本稳定，

注:

apply a full range of

综合运用

see that market interest rates remain at an appropriate level, and improve the transmission mechanism of monetary policy.

合理引导市场利率水平，疏通传导机制，

注:

the transmission mechanism of monetary policy

疏通传导机制

We will encourage a greater flow of financial resources into the real economy,

促进金融资源更多流向实体经济，

particularly in support of agriculture, rural areas, and farmers, and small and micro businesses.

特别是支持“三农”和小微企业。

注:

agriculture, rural areas, and farmers

三农，指农村、农业和农民。

small and micro businesses

小微企业@LearnAndRecord

The RMB exchange rate will be further liberalized,

坚持汇率市场化改革方向，

[此处翻译有点问题]

注:

liberalize:to make laws, systems, or opinions less severe 使自由化，使宽松，放宽

They have plans to liberalize the prison system.

他们计划放宽监狱制度。

and the currency's stable position in the global monetary system will be maintained.

保持人民币在全球货币体系中的稳定地位。

注:

the global monetary system

全球货币体系

To deliver a good performance this year, we in government should stick to the following guidelines:

做好今年政府工作，要把握好以下几点。

First, we should make progress while maintaining stable performance and keep our strategic focus.

一是贯彻稳中求进工作总基调，保持战略定力。

注:

make progress while maintaining stable performance

稳中求进

[Part 5]:Remain committed to the underlying principle of making progress while keeping performance stable 坚持稳中求进工作总基调

Stability is of overriding importance.

稳是大局，

We should ensure stable growth, maintain employment, and prevent risks.

要着力稳增长、保就业、防风险，

注:

[Part 5]

maintain/ensure stable growth

稳增长

promote reform

促改革

make structural adjustments

调结构

improve living standards

惠民生

guard against risks/prevent risks

防风险

To ensure overall economic and social stability we must not allow the red line to be crossed concerning financial security, people's wellbeing, or environmental protection.

守住金融安全、民生保障、环境保护等方面的底线，确保经济社会大局稳定。

注:

not allow the red line to be crossed

守住底线

We should, while maintaining stable performance, endeavor to make progress, deepen reforms, accelerate structural adjustments, be prepared to take on some really tough problems, and push to make progress in key areas.

在稳的前提下要勇于进取，深入推进改革，加快结构调整，敢于啃“硬骨头”，努力在关键领域取得新进展。

注:

endeavor to make progress

勇于进取

be prepared to take on some really tough problems

敢于啃“硬骨头”

Second, we should focus on supply-side structural reform.

二是坚持以推进供给侧结构性改革为主线。

We must give priority to improving supply-side structure.

必须把改善供给侧结构作为主攻方向，

注:

give priority to

把...作为主攻方向

We should streamline administration, reduce taxes, further expand market access, and encourage innovation;

通过简政减税、放宽准入、鼓励创新，

注:

further expand market access

放宽准入

and we should keep micro entities energized,

持续激发微观主体活力，

注:

keep micro entities energized

激发微观主体活力

reduce ineffective supply while expanding effective supply,

减少无效供给、扩大有效供给，

and better adapt to and guide demand.

更好适应和引导需求。

注:

adapt to and guide demand

适应和引导需求

Like the struggle from chrysalis to butterfly, this process of transformation and upgrading is filled with promise but also accompanied by great pain;

这是一个化蛹成蝶的转型升级过程，既充满希望又伴随阵痛，

注:

chrysalis ['krɪsəlɪs]

an insect covered by a hard case at the stage of development before it becomes a moth or butterfly with wings, or the case itself 蛹；蛹壳，茧

struggle from chrysalis to butterfly

化蛹成蝶

it is urgent, formidable, and complicated.

既非常紧迫又艰巨复杂。

注:

formidable:causing you to have fear or respect for something or someone because that thing or person is large, powerful, or difficult 可怕的；令人敬畏的；难对付的

a formidable obstacle/task

令人生畏的障碍／任务

We should press forward with courage and get the job done.

要勇往直前，坚决闯过这个关口。

注:

press forward with courage

勇往直前

Third, we should expand aggregate demand as appropriate and improve its efficacy.

三是适度扩大总需求并提高有效性。

注:

efficacy ['efɪkəsi]

the ability, especially of a medicine or a method of achieving something, to produce the intended result 功效，效力，效验

They recently ran a series of tests to measure the efficacy of the drug.

他们最近进行了一系列的试验来检测这种药的功效。

China's potential domestic demand is enormous,

我国内需潜力巨大，

and it is both necessary and possible for domestic demand to be expanded.

扩内需既有必要也有可能，

The key is to know where to start.

关键是找准发力点。

We need to increase consumer spending to improve people's lives,

要围绕改善民生来扩大消费，

and boost investment to strengthen areas of weakness and sustain development,

着眼补短板、增后劲来增加投资，

注:

strengthen areas of weakness

补短板

sustain development

增后劲

so that the expansion of domestic demand becomes more effective and sustainable and supply-side reform and demand-side regulation reinforce each other.

使扩内需更加有效、更可持续，使供给侧改革和需求侧管理相辅相成、相得益彰。

注:

A and B reinforce each other

A和B相辅相成、相得益彰。

Fourth, we should rely on innovation to replace old growth drivers with new ones and speed up structural improvement and upgrading.

四是依靠创新推动新旧动能转换和结构优化升级。

注:

replace old growth drivers with new ones

新旧动能转换

Having reached the current stage of development, China can now advance only through reform and innovation.

我国发展到现在这个阶段，不靠改革创新没有出路。

注:

不靠改革创新没有出路-->只能靠改革创新才能发展

can now advance only through reform and innovation

We have the largest quality workforce as well as the largest pool of scientists, engineers, and professionals in the world,

我们拥有世界上数量最多、素质较高的劳动力，有最大规模的科技和专业技能人才队伍，

注:

the largest quality workforce

数量最多、素质较高的劳动力

and their potential for innovation is truly tremendous.

蕴藏着巨大的创新潜能。

We must continue to draw strength from reform and opening up, fully tap the potential of human resources and human capital,

要坚持以改革开放为动力、以人力人才资源为支撑，

注:

tap:to get or make use of something 开发；开辟；着手利用

For more than a century, Eastern cities have expanded their water supplies by tapping ever more remote sources.

一个多世纪以来，东部的城市通过开发更偏远地区的水源，扩大了水的供应。

human resources and human capital

人力人才资源

and move more quickly to pursue innovation-driven development.

加快创新发展，

We should foster and develop new growth drivers while transforming and upgrading the traditional growth drivers.

培育壮大新动能、改造提升传统动能，

These steps will enable China's economy to maintain a medium-high rate of growth and China's industries to move toward the medium-high end.

推动经济保持中高速增长、产业迈向中高端水平。

Fifth, we should solve prominent problems of public concern.

五是着力解决人民群众普遍关心的突出问题。

注:

prominent problems of public concern

人民群众普遍关心的突出问题

All government work is for the people.

政府的一切工作都是为了人民，

We should keep in mind the fact that China remains in the primary stage of socialism and pursue a people focused development philosophy.

要践行以人民为中心的发展思想，把握好我国处于社会主义初级阶段的基本国情。

注:

a people focused development philosophy

以人民为中心的发展思想

Where conditions permit, we will lose no time in solving problems about which the people have great concern and which demand speedy resolution.

对群众反映强烈、期待迫切的问题，有条件的要抓紧解决，把好事办好；

注:

demand speedy resolution

期待迫切

When problems cannot be solved for the time being, we will work to resolve them over time.

一时难以解决的，要努力创造条件逐步加以解决。

We must make dedicated efforts to deliver services to the people, resolve the difficulties they face,

我们要咬定青山不放松，持之以恒为群众办实事、解难事，

promote social equity and justice,

促进社会公平正义，

and demonstrate that development does better people's lives.  

把发展硬道理更多体现在增进人民福祉上。

「未完待续」

「持续更新中」

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