温来成：应进一步调整央地财政关系

Core Viewpoint - The recent shift in terminology from "accelerate separation" to "clearance" regarding local financing platforms indicates that the transformation process is slower than expected, reflecting ongoing challenges in addressing local government debt issues [2][3] Group 1: Financing Platform Transformation - The term "clearance" signifies a higher requirement and more specific direction for the transformation of financing platforms, indicating that their historical role has been completed and they should transition to market-oriented state-owned enterprises [6] - The transformation of financing platforms is crucial to effectively control hidden local government debts, which have become a significant risk factor in local economic development [8] Group 2: Local Government Debt Issues - Local governments are still holding onto unrealistic expectations that higher levels of government will provide financial support during the transformation process, which has weakened their motivation to push for necessary changes [2][4] - The central government aims to resolve hidden debt issues by 2028, with potential acceleration to 2027, necessitating a faster transformation of financing platforms [2] Group 3: Financial Pressure on Local Governments - The "clearance" process may impose additional financial pressure on local governments, as they bear responsibility for certain hidden debts, and the transformation of financing platforms is fraught with challenges [7] - Local governments will need to adjust and optimize their expenditure structures to mitigate risks, with the central government providing some policy and financial support to ease the burden [7]