政译拆解| 2026政府工作报告 28

继续实施适度宽松的货币政策。把促进经济稳定增长①、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种政策工具，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、价格总水平预期目标相匹配。优化创新③结构性货币政策工具，适当增加规模，完善实施方式。畅通货币政策传导机制，充分发挥数据要素、知识产权等无形资产作用。

We will continue to apply an appropriately accommodative monetary policy. Promoting steady economic growth① and an appropriate rebound in prices are key considerations② underpinning our monetary policy. We will flexibly and effectively employ a range of policy instruments, including cuts to required reserve ratios and interest rates, and maintain adequate liquidity to ensure that aggregate financing and money supply rise in step with projected economic growth and CPI levels.We will develop new and better structural monetary policy instruments, scale them up as needed,and refine the ways they are used. We will smooth out the channels for monetary policy transmission④and leverage the role of intangible assets such as data as a production factor ⑤and intellectual property rights. 

①中英文定语顺序不同。②consideration：【C】something that must be thought about when you are planning or deciding sth (作计划或决定时)必须考虑的事(或因素、原因)

③动词转译为形容词。④注意中英文动宾搭配：“机制”为什么是channels而不是system？“畅通”本身带有“疏通渠道、打通堵点”的形象含义，因此和 channels 搭配更贴切【channels：指传导的具体渠道、路径】。若用 system，通常应说：improve the monetary policy transmission system即“完善货币政策传导体系”，语义重点会从“畅通传导渠道”转为“改善整个体系”。而且因为“货币政策传导”并非通过一套单一、封闭的“系统”完成，而是通过多条具体路径发挥作用，例如利率、信贷、汇率和预期等渠道。⑤“数据要素”中的“要素”不是一般意义的 factor，而是经济学术语 factor of production（生产要素）。这里的 as 表示“把数据作为／将数据纳入……的一类”，即把数据与土地、劳动力、资本、技术等并列，看作可参与生产和创造价值的生产要素。

双语词汇积累：

适度宽松的货币政策： an appropriately accommodative monetary policy物价合理回升：an appropriate rebound in prices 政策工具：policy instruments降准降息：cuts to required reserve ratios and interest rates保持流动性充足：maintain adequate liquidity 社会融资规模：aggregate financing 无形资产： intangible assets 数据要素：data as a production factor 知识产权： intellectual property rights

强化①考核评估、融资担保、风险补偿等支持措施，引导金融机构加力支持扩大内需③、科技创新、中小微企业等重点领域。规范信贷市场经营行为，降低融资中间费用，促进社会综合融资成本④低位运行。保持人民币汇率在合理均衡水平上的基本稳定。

We will adopt more① supportive measures, including those for②assessment, financing guarantee, and risk compensation to guide financial institutions in boosting support for key priorities such as domestic demand expansion, scientific and technological innovation, and micro, small, and medium enterprises. We will effectively regulate business activities in the credit market and lower intermediary financing charges to bring down overall financing costs④. The RMB exchange rate will be kept generally stable at an adaptive, balanced level.

①汉语中的“下降、改善、扩大、增强、加大、完善、提高”还可以译为英文中形容词的比较级。②我认为应该删掉，因为考核评估、融资担保、风险补偿本身就是要强化的支持措施，而不是支持措施要用于这三个领域③动词转译为名词，为什么和后面的短语形式上一致。④央行、IMF、OECD 英译中，"社会融资成本"统一处理为：overall financing costs；英语里找不到"social financing cost"这种搭配。双语词汇积累：

支持措施：supportive measures融资担保：financing guarantee风险补偿：risk compensation中小微企业：micro, small, and medium enterprises扩大内需：domestic demand expansion降低融资中间费用：lower intermediary financing charges 人民币汇率：The RMB exchange rate