The inscriptions can be translated as:
Longevity like that of Guangchengzi (Daoist immortal), who lived in
the Kongtong Mountain for a thousand and two hundred years;
Officialdom as high as that of Guo Ziyi (697-781), who was the
prime minister overseeing twenty four examinations.
Interestingly, in a paper published by the Palace Museum researchers
Cai Yi and Huang Weiwen, an almost identical Yixing vase of the
same shape and bearing the same inscriptions as the current vase
was recorded to have been displayed in the Yihe Yuan in the Palace
inventory, and is now in the collection of the Nanjing Museum. For a detailed discussion of this vase, refer to Cai Yi and Huang
Weiwen, 'Gugong bowuyuan cang Yixing guayouqi zhengli yu
yanjiu' (Study of a Yixing vessel in the Palace Museum), Waixiao
ciqi yu yanseyou ciqi yanjiu (Compendium of Studies on Export and
Monochrome Porcelain), Beijing, 2012, p. 539.
This very rare vase belongs to a group of fine early Yixing wares, often
of archaistic forms and with Jun or Ge-type glazes. It is recorded that this group of wares were first created by Ou Zhiming, a Yixing teapot
maker of the Wanli period, hence the prefix Ouyao (Ou
kiln) is sometimes given to these pieces. A small pouring
dish of the same type dated to the Ming Dynasty in
the National Palace Museum is illustrated in Obtaining
Refined Enjoyment: The Qianlong Emperors Taste in
Ceramics, Taipei, 2012, p. 232, no. 108. It was also
amongst a selection of Qianlong Emperors favourite
ceramics, to be illustrated as an album with his own
commentaries (ibid, p. 233, no. 109).