「二十七」2026政府工作报告·中英共读

（十）加强重点领域风险防范化解和安全能力建设。统筹防风险和促发展，进一步增强发展韧性，坚决守牢安全底线，促进社会和谐稳定。

10. Strengthening risk prevention and mitigation and enhancing security capacity in key areas

We will take coordinated steps to guard against risks and drive growth, so as to enhance development resilience, firmly safeguard security, and promote social harmony and stability.

着力稳定房地产市场。

因城施策控增量、去库存、优供给，探索多渠道盘活存量商品房，鼓励收购存量商品房重点用于保障性住房等。深化住房公积金制度改革。优化保障性住房供给，加快危旧房改造。

We will work to stabilize the real estate market.

City-specific policies will be introduced to control the number of new real estate projects, reduce housing inventory, and improve supply. We will explore various avenues for utilizing commodity housing stock and encourage such stock to be purchased and used mainly as government-subsidized housing. Reform of the housing provident fund system will be deepened. We will improve the supply of government-subsidized housing and accelerate the renovation of old and dilapidated housing units.

注：

1. 因城施策控增量、去库存、优供给：city-specific policies to control the number of new real estate projects, reduce housing inventory, and improve supply，中国房地产调控的核心方针：打破全国“一刀切”，赋予城市政府绝对的自主权，根据当地供需关系动态调整供给与库存。

2. 存量商品房：commodity housing stock，指市场上已经建好但尚未售出、或处于闲置状态的商品化住宅，是2026年“去库存”工作的核心标的。

3. “因城施策控增量、去库存、优供给……”：City-specific policies will be introduced to control the ...

• 主被动转换：中文是以条件状语开头的无主句。英文将“政策 (City-specific policies)”提为全句的主语，并采用被动语态 will be introduced。

• 名词化处理：将动词短语“因城施策”压缩并提炼为核心名词短语 City-specific policies 作为句子的“骨架”。

4. 保障性住房： government-subsidized housing

5. 住房公积金制度：housing provident fund system

6. 危旧房改造：renovation of old and dilapidated housing units

有序推动安全舒适绿色智慧的“好房子”建设，实施房屋品质提升工程和物业服务质量提升行动。进一步发挥“保交房”的白名单制度作用，防范债务违约风险。深入推进房地产发展新模式的基础制度和配套政策建设。

We will take well-ordered steps to promote the development of quality homes that are safe, comfortable, eco-friendly, and smart, and carry out projects to enhance housing quality and initiatives to improve property services.We will better leveragethe role of the white list to ensure timely delivery of housing projectsand prevent debt default risks. Further efforts will be made to develop the foundational institutions and relevant supportive policies for creating a new development model for the real estate sector.

注：

1. “好房子”建设：the development of quality homes that are safe, comfortable, eco-friendly, and smart，住建部提出的住房建设新标准，强调不再盲目追求“面积和数量”，而是聚焦绿色、智慧、高品质的居住体验。

2. “保交房”的白名单制度：the white list to ensure timely delivery of housing projects，指金融机构针对符合条件的房地产项目设立的融资支持“白名单”，资金直接精准滴灌到项目而非母公司，以确保期房按时交付，斩断违约传染链。

3. “进一步发挥‘保交房’的白名单制度作用，防范债务违约风险。”：We will better leverage the role of the white list to ensure timely delivery ... and prevent debt default risks.

• 动词合并。中文有“发挥、保交房、防范”三个动词。英文通过一个强有力的动词短语 better leverage the role of... 统领全局，后接不定式 to ensure... and prevent... 引导两个并列的目标，实现了动作的强力聚合，剔除了零碎感。

4. 房屋品质提升工程和物业服务质量提升行动：projects to enhance housing quality and initiatives to improve property services

积极有序化解地方政府债务风险。

支持各地用足用好政策，加快化解隐性债务风险，严防虚假化债，坚决把遏制违规新增隐性债务作为铁的纪律。

We will take active and well-ordered measures to defuse local government debt risks.

We will support local governments in leveraging all relevant policies to defuse hidden debt risks at a faster pace. Stringent measures will be taken to prevent fraudulent debt resolution. We will enforce the prohibition on incurring new hidden debts in breach of regulations as an ironclad rule.

注：

1. 隐性债务：hidden debt risks，指地方政府在法定限额之外，通过融资平台公司等直接或间接举借、提供担保的债务，具有极强的隐蔽性和风险蔓延性。

2. 虚假化债：fraudulent debt resolution，指通过账面挪移、假资产抵押、变相借新还旧等手段，在数字上伪造债务减少的违约行政行为。

3. “遏制违规新增隐性债务作为铁的纪律”，地方政府债务化解奉行“开正门、堵旁门”。国家可以给额度发置换债，但决不允许地方政府继续通过融资平台违规隐蔽举债。“铁的纪律”体现了中央遏制增量债务的刚性决心。官方译文放弃了 iron discipline 这种文学化直译，巧妙地重构为政治文件和法律文件通用的 enforce ... as an ironclad rule（作为一项铁律来强制执行）。

加大金融、财政支持力度，优化债务重组和置换办法，多措并举化解地方政府融资平台经营性债务风险，分类有序推动改革转型。优化债务监测考核指标，构建统一的政府债务管理长效机制。

 We will increase financial and fiscal support to optimize the ways of conducting debt restructuring and replacement, adopt multiple measures to defuse operational debt risks in local government financing platforms, and take systematic steps to reform and transform these platforms on a per-category basis. Indicators for debt monitoring and evaluation will be refined, and long-term mechanisms will be established to conduct unified government debt management.

注：

1. 地方政府融资平台经营性债务：operational debt risks in local government financing platforms（特指城投公司等平台承担的、名义上属于企业经营性质但实际上与政府信用深度绑定的高风险债务

2. 债务重组和置换： debt restructuring and replacement

3. 统一的政府债务管理：unified government debt management

We will take active and prudent steps to defuse financial risks.

A full range of resources and means will be leveraged to address risks in small and medium local financial institutions. We will take market- and law-based measures to deal with high-risk institutionsin a systematic way, ramp up capital replenishment through various channels, and prudently handle the non-performing assets of financial institutions. We will enhance coordination in financial regulation and guard against and crack down on illegal financial activities. We will enhance monitoring and early warning to ensure prompt response to financial risks and better prevent and control risks at source.

注：

1. 高风险机构处置：deal with high-risk institutions，特指针对部分出现严重挤兑风险、资产恶化的村镇银行、中小金融机构，依法进行接管、重组或破产清算的过程。

2. 资本补充：capital replenishment，通过发行地方债、引入战略投资者等渠道，提升中小银行的资本充足率，增强其抗风险“免疫力”。

3. “坚持市场化法治化原则，有序推进高风险机构处置。”：We will take market- and law-based measures to deal with high-risk institutions in a systematic way.

• 逻辑显化。中文的“坚持……原则”在英文公文中如果直译为 adhere to the principles of... 会显得空洞。英文将“原则”转化为行动的具体定语 market- and law-based measures（基于市场和法律的措施），同时将“有序”显化为后置状语 in a systematic way（系统化地），显化了句子的逻辑。

4. 不良资产：non-performing assets (NPAs)

5. 金融监管协同： coordination in financial regulation（Financial regulation coordination）

6. 非法金融活动：illegal financial activities

维护国家安全和社会稳定。全面贯彻总体国家安全观，健全国家安全体系，加强重点领域国家安全能力建设。强化公共安全治理，提升重要基础设施本质安全水平，持续夯实安全生产、防灾减灾基层基础，全面完成安全生产治本攻坚三年行动。加强气象、水文、地质灾害、森林草原火灾、地震监测预报预警。

We will safeguard national security and social stability.

We will fully apply a holistic approach to national security, improve the national security system, and build up national security capacity in key domains. We will strengthen public safety governance, make critical infrastructure intrinsically safer, and bolster local communities' capacity for ensuring workplace safety and for disaster prevention and mitigation. We will complete the three-year drive to address the root causes of workplace accidents and ensure production safety. Steps will be taken to strengthen the monitoring, forecasting, and early warning of meteorological, hydrological, and geological disasters, forest and grassland fires, and earthquakes.

注：

1. 本质安全水平：intrinsic safety level of critical infrastructure，指通过设备、技术、设计本身的冗余和无害化，使系统即便在人员误操作或遭受外力破坏时，也不会引发重大安全事故的根本性安全属性。

2. 安全生产治本攻坚三年行动：the three-year drive to address the root causes of workplace accidents and ensure production safety，旨在从根本上消除重大事故隐患的制度性专项整治，英文用 drive to address the root causes 精准对译“治本攻坚”。

3. “全面完成安全生产治本攻坚三年行动。”：We will complete the three-year drive to address ...

• 名词化处理。中文“治本攻坚”带有强烈的政治修辞。英文将其转化为名词 drive（专项运动/行动），并用不定式 to address the root causes（解决根本问题）对其进行核心名词化释义。

4. 总体国家安全观：a holistic approach to national security

5. 公共安全治理：public safety governance

6. 安全生产、防灾减灾：workplace safety and for disaster prevention and mitigation

加快补齐北方地区防洪排涝抗灾基础设施、应急处置等短板。加快建设现代化水网。健全巨灾保险保障体系。严格食品、药品、重点工业产品、特种设备等安全监管。

In northern China, accelerated efforts will be made to shore up infrastructure, emergency response, and other weak links in flood prevention, drainage, and disaster response. The development of a modern water network will be accelerated. The support system for catastrophe insurance will be improved. Oversight over the safety of food, drugs, key industrial products, and special equipment will be tightened.

注：

1. 巨灾保险保障体系：support system for catastrophe insurance，一种通过市场化金融手段分散由地震、飓风、特大洪涝等破坏力极大的自然灾害带来巨额经济损失的保险制度。

2. 特种设备：special equipment，指涉及生命安全、危险性较大的锅炉、压力容器、电梯、起重机械等设备，属于国家强制安全监管（Oversight）的范畴。

3. 防洪排涝抗灾： flood prevention, drainage, and disaster response.

【本部分核心表达整理】

1. 房地产

• City-specific real estate policies (因城施策房地产政策)

• Control new real estate projects (控增量)

• Reduce housing inventory / Commodity housing stock (去库存/存量商品房)

• Government-subsidized housing (保障性住房)

• Housing provident fund system (住房公积金制度)

• Old and dilapidated housing units (危旧房)

• Quality homes (Safe, comfortable, eco-friendly, smart) (好房子)

• Enhance housing quality and property services (房屋品质与物业服务质量提升)

• The financial "white list" mechanism (保交房“白名单”制度)

• New development model for the real estate sector (房地产发展新模式)

2. 金融债务

• Defuse local government debt risks (化解地方政府债务风险)

• Hidden debt risks (隐性债务风险)

• Fraudulent debt resolution (虚假化债)

• An ironclad rule against hidden debts (遏制隐性债务的铁的纪律)

• Debt restructuring and replacement (债务重组和置换)

• Local government financing platforms (LGFPs) (地方政府融资平台/城投公司)

• Operational debt risks (经营性债务风险)

• Unified government debt management (统一的政府债务管理)

• Small and medium local financial institutions (地方中小金融机构)

• High-risk institutions disposal (高风险机构处置)

• Capital replenishment through various channels (多渠道加大资本补充)

• Non-performing assets (NPAs) (不良资产)

• Financial regulation coordination (金融监管协同)

• Illegal financial activities (非法金融活动)

• Early warning and prompt response to financial risks (金融风险预警和早期纠正)

3. 国家安全

• A holistic approach to national security (总体国家安全观)

• Public safety governance (公共安全治理)

• Intrinsically safer critical infrastructure (基础设施本质安全水平)

• Workplace safety and disaster prevention (安全生产、防灾减灾)

• Three-year drive to address the root causes of accidents (安全生产治本攻坚三年行动)

• Meteorological, hydrological, and geological disasters (气象、水文、地质灾害)

• Flood prevention, drainage, and disaster response (防洪排涝抗灾)

• Modern water network development (现代化水网建设)

• Catastrophe insurance support system (巨灾保险保障体系)

• Oversight over the safety of food and drugs (食药安全监管)

• Special equipment  (特种设备)