Privacy policies are essential for users to understand how service providers handle their personal data. However, these documents are often long and complex, as well as filled with technobabble and legalese, causing users to unknowingly accept terms that may even contradict the law. While summarizing and interpreting these privacy policies is crucial, there is a lack of high-quality English parallel corpus optimized for legal clarity and readability. To address this issue, we introduce APPSI-139, a high-quality English privacy policy corpus meticulously annotated by domain experts, specifically designed for summarization and interpretation tasks. The corpus includes 139 English privacy policies, 15,692 rewritten parallel corpora, and 36,351 fine-grained annotation labels across 11 data practice categories. Concurrently, we propose TCSI-pp-V2, a hybrid privacy policy summarization and interpretation framework that employs an alternating training strategy and coordinates multiple expert modules to effectively balance computational efficiency and accuracy. Experimental results show that the hybrid summarization system built on APPSI-139 corpus and the TCSI-pp-V2 framework outperform large language models, such as GPT-4o and LLaMA-3-70B, in terms of readability and reliability. The source code and dataset are available at https://github.com/EnlightenedAI/APPSI-139.