在去年十一月召开的中央经济工作会议上，决定今年要实行稳健的财政政策和货币政策，这标志着实施已近7年的积极财政政策调整了取向。对于“稳健的财政政策和货币政策”的英译，许多媒体都是用prudent fiscal² and monetary³ policies 来表达的：

1. A high-level meeting of the Community Party of China (CPC) held Wednesday set the tone for China's economic policy next year, declaring that China will exercise prudent¹ fiscal and monetary policies in 2005.

2. The policy shift from 'proactive to prudent' fiscal and monetary policies was made 'to conform with changes in China's macro-economic situation and consolidate⁴ the achievements of macro-control,'

3. China's proactive fiscal policy, in place since 1998, has resulted in seven years of world-stunning economic growth. A prudent policy is the logical choice to curb⁵ overheating of the economy, maintain steady development and improve the efficiency of the economy.

4. China has begun to shift to a prudent financial policy for economic development after having adopted a proactive fiscal policy for securing sustainable growth during the past seven years.

5. In line with the prudent policy, the Chinese government will cut budget deficit⁶ and public investment, reform expenditure⁷ structure and push financial reform while carrying out macro-control measures, he said.

        但是，prudent（谨慎）有消极保守的意思：Definition of PRUDENT: careful and sensible; marked by sound judgment⁸; "a prudent manager"; "prudent rulers"; "prudent hesitation"; "more prudent to hide than to fight"

1. US prudent policy about climate change：（谨慎且消极的态度）The US Administration has come under criticism within many European countries and within the American community of environmentalists for adopting what is considered to be too relaxed a view toward the question of global climate change, more particularly toward the prospect⁹ of a substantial warming of the surface of the earth sometime during the next century.

2. Prudent fiscal policy spells economic recovery （带动经济的复苏）

        “谨慎的财政政策”的说法在国外也能找到依据。例如，“谨慎的财政政策是新加坡经济管理的重要特征。虽然有更大的开支压力和较紧的预算，但我们必须保持这个谨慎的财政政策。”

        那么，稳健的财政政策是什么呢？财政部长金人庆支出：“实行稳健的财政政策（也就是经济学讲的中性财政政策），主要是要服从服务于改革发展大局，服从服务于中央宏观调控大局，宏观上既要防止通货膨胀的苗头继续扩大，又要防止通货紧缩的趋势重新出现；既要坚决控制投资需求膨胀，又要努力扩大消费需求；既要对投资过热的行业从紧，又要着力支持经济社会发展中的薄弱环节。政策核心是松紧适度，着力协调，放眼长远。具体说来，要注重把握'控制赤字、调整结构、推进改革、增收节支'十六个字。”

        中性是指有增有减，有保有压，松紧适度，既不过快也不过慢，既不过高也不过低，这是稳健财政政策的重要特征。国家发改委宏观经济研究院副院长王一鸣说：“我理解的稳健是它既不同于过去的积极财政政策那样的扩张，也不同于紧缩型财政政策那样一种收缩，而是从过去积极财政政策的轨道上逐步地退下来，也就是说要逐步减少它的扩张力度。……经济保持一种稳定发展的格局，既不过快也不过慢，既不过高也不过低。…… 稳健的财政政策并不是从扩张转向紧缩，也不意味着对经济支持力度的减弱，它的核心是松紧适度，促进经济健康平稳运行。”

        英语中sound policy的含义：If sound policy is to be formulated¹⁰, the issues will be decided¹¹ on the basis of three criteria¹²: Is the proposed matter feasible? (Can it be done?) Is it advisable? (Should it be done?) Is it efficient? (What is the cost-benefit ratio?) The policy will be sound if those questions are answered affirmatively, or if a satisfactory compromise based on the criteria is made.

        从以上的解释不难看出，英语中的sound policy同汉语中的“稳健政策”是比较吻合的。因为它是以可行性、必要性和效益性这“三性”要求为前提的。

Sound Monetary Policy Supports a Healthy Economy.

Sound Fiscal Policy Spurs Economic Growth

European Central Bank president Jean-Claude Trichet said that sound fiscal policies would help the ECB to keep interest rates relatively¹³ low.

The governor has highlighted the main objectives of any sound monetary policy - the maintenance of price stability and stability of the external value of the domestic currency.

A sound monetary and fiscal policy framework has to be complemented¹⁴ by structural¹⁵ policies that make the economy more flexible and dynamic.

        积极的财政政策和稳健的货币政策也可以带动经济的复苏，而不是促进经济的增长或发展，例如：

China's pro-active fiscal policies and sound monetary policies have contributed to the overall recovery of economy. 实施积极的财政政策和稳健的货币政策对我国经济的全面复苏的促进作用。

Sustaining Economic Recovery through Sound Monetary Policy

       由此看来，“稳健”（sound）和“谨慎”（prudent）是可以交替使用的，只是前者更为可取。孙学工在他的《财政赤字政策的选择》一文中指出：“应根据我国具体情况并参照相应的国际经验，建立起适合中国国情的、满足当前发展阶段需要的、且又是充分谨慎的财政政策规则。…… 其实更应改为"谨慎的财政政策”。政府之所以选择“稳健”，只是为了寻求一种平衡与引导，从中可以看到政府的用心良苦，其实怎么说都是无所谓的，大家知道怎么做就是了。”

        顺便提一下，在互联网的语料库里，Sound policy 的例子比较多，Prudent policy的例子比较少，而Cautious policy的例子则很难找到。