翻译：2016年中国经济的八大关键词

供给侧改革(Reform on the supply-side)

所谓供给侧改革,就是从供给、生产端入手,通过解放生产力,提升竞争力促进经济发展,其核心在于提高全要素生产率.

近几年中国的供给端出了问题,表现在一方面产能过剩,另一方面,老百姓需求的高品质、高附加值的产品却难以满足,致使大量国内消费需求转向海外.供给方面出现的问题其实是结构性问题,所以中央提出供给侧改革,其核心是结构调整.

With regard to the reform on the supply-side, it means to strive to raise the competitiveness to advance economic development through unleashing the productive forces on both sides of supply and production, centering on increasing total factor productivity.

In the recent years, some problems occurred in supplies of China, which caused overcapacity on one hand and insufficient supplies to meet people's demands for high-quality and highly value added products. Thus, many Chinese demands for consumption have to be met by overseas products. Problems on the supply-side are actually the structural ones, so the central government proposed the reform on the supply-side with the structural adjustment as its core.

创新创业(Innovation and entrepreneurship)

中央经济工作会议提出: "坚持深入实施创新驱动发展战略,推进大众创业、万众创新,依靠改革创新加快新动能成长和传统动能改造提升."

创新是全方位的,包括制度、理论、技术、模式等创新.社会创新的主体是企业,包括国有和民营企业,要激发它们的创新动力,特别是国有企业要起模范带头作用;个人是创业的主体,要改革科研、教育体制,解决当前应试教育和科研体制的弊端和问题,培养创新型人才.

According to the Central Economic Work Conference, great efforts should be made to push forward the innovation-driven development strategy and boost the mass entrepreneurship and innovation, in a bid to accelerate the growth of new driving forces and upgrade of traditional ones by relying on reform and innovation.

Innovation should be made comprehensively, covering system, theory, technology and pattern. The main force of innovation is made up of enterprises, including state-owned and private ones. Thus, we need to inspire their enthusiasms for innovation, especially state-owned enterprises' leading role in innovation. The individual is the main force of entrepreneurship. Necessary measures need be taken to reform scientific research and educational systems in order to address problems in exam-oriented education and scientific research systems and cultivate the innovative talents.

双向开放(Two-way opening up)

2016年对外开放领域要突出考虑以下几点：

首先,进一步拓展我国的国际空间,把"一带一路"、亚投行、自贸区等战略规划落实到位;第二,继续转变我国的对外贸易发展方式,从"大进大出"到"优进优出".第三,稳定开放型经济在国民经济中的地位,进一步发挥资源优化配置的功能;第四,加强全球治理,应对国际压力。

The following issues on opening up are confirmed to be prioritized in 2016:

First, efforts should be made to continue to expand our international space through implementation of strategies and plans such as the "Belt and Road," Asian Infrastructure Investment Bank and free trade zones; second, our foreign trade development patterns should be continuously changed from "massive imports and exports" to "quality imports and exports"; third, the open economy's status should be stabilized in the national economy to further give play to the role of optimized allocation of resources; fourth, efforts should be made to strengthen global governance to address international pressure.

去库存(De-stocking/ Reduce the number of unsold homes)

中央经济工作会议提出:"要按照加快提高户籍人口城镇化率和深化住房制度改革的要求,通过加快农民工市民化,扩大有效需求,打通供需通道,消化库存,稳定房地产市场."

房地产"去库存"将会是一个长期过程,在此过程中,政府的政策有必要与市场结合到一起,通过改革打破一切制度门槛,更好地发挥市场作用,真正推进城镇化和农民市民化进程,落实户籍制度改革,这才是未来推动城市消费最关键的发动机.

Central Economic Work Conference suggests that it is required to open the supply-demand channel, digest inventories and stabilize the real estate market through accelerated citizenship of migrant workers and expansion of effective demands under the requirements on increasing the urbanization rate of registered population and deepening the reform of housing system.

The "de-stocking" of the real estate market will experience a long period. During the period, the governmental policy should be combined with the market in order to break all institutional thresholds through reforming so as to give a bigger role to the market, truly promote the urbanization and citizenship of migrant workers and implement the reform of household registration system, which is the most important propeller for bolstering urban consumption in the future.

去产能 (Reduction of excess productive capacity/ Cut excessive industrial capacity)

让过剩产能出清的方法有很多种,企业破产和兼并重组都较为常见.但需要指出的是,此次中央经济工作会议特别强调了在这一过程中要"多兼并重组、少破产清算",这意味着中央已经充分考虑到了破产这一形式可能带来的阶段性、结构性失业压力及其所引发的种种社会、民生问题.

There are many ways to reduce overcapacity, such as commonly-seen bankruptcy and merging and reorganization. However, it should be noted that, the Central Economic Work Conference especially emphasized "more merging and reorganization and less bankruptcy and liquidation," which indicates that the central government has fully considered the temporary and structural unemployment pressure as well as various social and livelihood issues triggered by bankruptcy.

补短板(Improving weak growth areas/ Improve weak links)

长期以来,中国经济比较依赖基础设施投资拉动,但大多集中在看得见、摸得着的方面,而一些"看不见"的领域却比较薄弱.如,很多城市的排给水设施比较落后、应急能力较差,往往下一场雨就出现了城市内涝现象.与此同时,国民在智慧城市管理、互联网、信息化、公共服务等"软性"基础设施方面的投入也要不断加大力度,才能满足当今社会的需要.

In a long period, China's economic development was relatively driven by investments in infrastructure, but most investments were made in tangible areas and few in intangible areas. For example, a majority of urban water supply and drainage systems were outdated and very poor in addressing emergencies, so rain often resulted in the flood in cities. Meanwhile, we should continue to increase investments in intelligent city management, Internet, information technology, public services and other "soft" infrastructure in order to meet current demands of the society.

去杠杆(De-leveraging)

中央经济工作会议所指出的"去杠杆"任务,对于防范化解我国金融风险既系统全面又突出重点.明年地方财政可能面临一定的收支压力,若地方政府债务不能得到妥善解决则可能带来一定风险,"去杠杆"这一任务实际上是对此做出了一个预案,而实现这一任务的重要前提就是加强债务置换的工作.

The "de-leveraging" task put forward in the Central Economic Work Conference doesn't only thoroughly prevent and address financial risks facing China but also highlights major duties. The regional finance may face some pressure of income and expenses in the next year. Thus, if the regional governments' debts can't be properly addressed, some risks may appear. The task of "de-leveraging" is a pre-arranged plan for preventing such risks. However, one of important preconditions for completing this task lies in accelerating the replacement of debts.

降成本(Lowering corporate costs)

以目前我国企业运行现状来看,企业明显面临着负担重、成本高的问题,帮助企业降低成本有其现实需要.

帮助企业降低成本.要开展降低实体经济企业成本行动,打出"组合拳".要降低制度性交易成本,转变政府职能、简政放权,进一步清理规范中介服务.要降低企业税费负担,进一步正税清费.要降低社会保险费.要降低企业财务成本,金融部门要创造利率正常化的政策环境,为实体经济让利.要降低电力价格,推进电价市场化改革,完善煤电价格联动机制.要降低物流成本,推进流通体制改革.

In the current context of business operation in China, enterprises clearly face the problem of heavy burdens and high costs. There are actual needs for helping enterprises to reduce costs.

Great efforts should be made to help enterprises to reduce their costs. It is necessary to take actions to lower costs of enterprises of real economy and launch a portfolio of plans. It is important to reduce the transactional costs brought by the system, transform the government's functions, streamline administration and delegate power to lower levels, and further clear up and standardize the intermediary services. Measures should be taken to reduce enterprises' tax burdens and further rationalize taxes and cancel improper fees. It is also important to reduce social insurance charges; lower enterprises' financial costs, urge financial institutions to create the policy environment of interest rate normalization and give up some profits to the real economy; lower the electricity prices by promoting the market reform of electricity prices and improving the linkage mechanism of coal and electricity prices; and reduce the logistics costs by boosting the structural reform of logistics.