Second, frequently cut interest rates and increase liquidity in the banking system. The central bank has cut deposit and lending rates of financial institutions five times in a row, with the one-year benchmark deposit and lending rates down by 1.89 percentage points and 2.16 percentage points respectively. Thus the financial burden of companies has been greatly reduced. The required reserve ratio has been lowered four times, adding up to a total reduction of 2 percentage points for large financial institutions and 4 percentage points for small and medium-sized ones. This has released around RMB 800 billion of liquidity and substantially increased funds available to commercial banks. A series of policy measures have been adopted in the financial sector to boost economic growth, including increasing lending, optimizing the credit structure, and providing greater financial support to agriculture and the SMEs.
二是大频度降息和增加银行体系流动性。中央银行连续5次下调金融机构存贷款利率,其中一年期存、贷款基准利率累计分别下调1.89和2.16个百分点,大幅度减轻企业财务负担。连续4次下调存款准备金率,大型金融机构累计下调2个百分点,中小型金融机构累计下调4个百分点,共释放流动性约8000亿元,使商业银行可用资金大幅增加。我们还出台一系列金融促进经济增长的政策措施,扩大贷款总量,优化信贷结构,加大对“三农”、中小企业等方面的金融支持。
Third, implement the industrial restructuring and rejuvenation program on a large scale. We are seizing the opportunity to push ahead comprehensive industrial restructuring and upgrading. To this end, plans are being drawn up for key industries such as automobile and iron and steel, which not only focus on addressing the immediate difficulties of enterprises but also look toward their long-term development. We have taken strong measures to facilitate the merger and reorganization of enterprises, phase out backward production capacity, promote advanced productive forces, and improve industry concentration and the efficiency of resource allocation. We encourage our enterprises to upgrade technologies and make technological renovation. We support them in making extensive use of new technologies, techniques, equipment and materials to restructure their product mix, develop marketable products and improve their competitiveness. Our financial support policies are being improved, a sound credit guarantee system installed and market access eased for the benefit of SME development.
三是大范围实施产业调整振兴规划。我们抓住机遇全面推进产业结构调整和优化升级,制定汽车、钢铁等重点产业的调整和振兴规划,既着眼于解决企业当前存在的困难,又致力于产业的长远发展。采取有力措施,推进企业兼并重组,淘汰落后产能,发展先进生产力,提高产业集中度和资源配置效率。我们鼓励企业技术进步和技术改造,支持企业广泛应用新技术、新工艺、新设备、新材料,调整产品结构,开发适销对路的产品,提高生产经营水平。我们不断完善和落实金融支持政策,健全信用担保体系,放宽市场准入,支持中小企业发展。
Fourth, actively encourage innovation and upgrading in science and technology. We are speeding up the implementation of the National Program for Medium- and Long-Term Scientific and Technological Development with a special focus on 16 key projects in order to make breakthroughs in core technologies and key generic technologies. This will provide scientific and technological support for China's sustainable economic development at a higher level. We are developing high-tech industrial clusters and creating new social demand and new economic growth areas.
四是大力度推进科技创新和技术改造。加快实施国家中长期科学和技术发展规划,特别是16个重大专项,突破一批核心技术和关键共性技术,为中国经济在更高水平上实现可持续发展提供科技支撑。推动发展高新技术产业群,创造新的社会需求,培育新的经济增长点。
Fifth, substantially raise the level of social security. We have accelerated the improvement of social safety net. We will continue to increase basic pension for enterprise retirees and upgrade the standard of unemployment insurance and workers' compensation. We will raise the level of basic cost of living allowances in both urban and rural areas, welfare allowances for those rural residents without family support and the special allowances and assistance to entitled groups. This year, the central budget for social security and employment will increase at a much higher rate than the growth of the overall fiscal revenue.
五是大幅度提高社会保障水平。我们加快完善社会保障体系,继续提高企业退休人员基本养老金,提高失业保险金和工伤保险金的标准,提高城乡低保、农村五保等保障水平,提高优抚对象抚恤和生活补助标准。今年,中央财政用于社会保障和就业的资金投入增幅将大大高于财政收入的增幅。
We are advancing the reform of the medical and health system and working to put in place a nationwide basic medical and health system covering both urban and rural areas within three years and achieve the goal of everyone having access to basic medical and health service. It is estimated that governments at all levels will invest RMB 850 billion for this purpose. We give priority to education and are now working on the Guidelines of the National Program for Medium- and Long-Term Educational Reform and Development.
我们积极推进医药卫生体制改革,力争用三年时间基本建成覆盖全国城乡的基本医疗卫生制度,初步实现人人享有基本医疗卫生服务,预计三年内各级政府将为此投入8500亿元。我们坚持优先发展教育,正在制度国家中长期教育改革和规划发展纲要。
This year, we will increase public funds for compulsory education in rural areas, offer more financial support to students from poor families and improve the well-being of middle and primary school teachers so as to promote equity in education and optimize the educational structure. We are using every possible means to lessen the impact of the financial crisis on employment.
今年将进一步提高农村义务教育公用经费标准,加大对家庭经济困难学生的资助,提高中小学教师待遇,继续促进教育公平和优化教育结构。我们实施更加积极的就业政策。特别是出台了大学毕业生和农民工就业的各项措施,进一步开辟公益性就业岗位,千方百计减缓金融危机对就业的影响。
We are following a more active employment policy. In particular, we have introduced various policy measures to help college graduates and migrant workers find jobs and provided more government-funded jobs in public service. These major policy measures as a whole target both symptoms and root causes, and address both immediate and long-term concerns. They represent a holistic approach and are mutually reinforcing. They are designed to address the need to boost domestic demand, readjust and reinvigorate industries, encourage scientific innovation and strengthen social security. They are designed to stimulate consumption through increased investment, overcome the current difficulties with long-term development in mind, and promote economic growth in the interest of people's livelihood. These measures can mobilize all resources to meet the current crisis.
总的看,这些重大政策措施,注重标本兼治、远近结合、综合协调、相互促进,把扩大国内需求、调整振兴产业、推进科技创新、加强社会保障结合起来,把增加投资和刺激消费结合起来,把克服当前困难和促进长远发展结合起来,把拉动经济增长和改善民生结合起来,对于动员全社会力量共同应对危机,起到了关键性作用。