从“加快剥离政府融资功能”到“出清”，地方融资平台或“减量提质”

Core Viewpoint - The recent meeting of the Central Political Bureau emphasizes the need to actively and steadily resolve local government debt risks, prohibiting the addition of new hidden debts, and effectively advancing the clearance of local financing platforms [1] Group 1: Policy Development - The term "clearance" signifies a more thorough approach than merely "separating" government financing functions, indicating a requirement for the complete exit of non-transformable "shell" platforms [4] - The shift from "accelerating the separation of government financing functions" to "clearance" reflects a deepening of policy implications, focusing on the complete removal of platforms that cannot transition to market-oriented entities [3][4] Group 2: Implementation Strategy - The phrase "forceful, orderly, and effective" outlines a clear action plan for the clearance of financing platforms, emphasizing a strong commitment to the task while ensuring a controlled and gradual process [6] - "Forceful" indicates a decisive policy direction, mandating that local financing platforms exit by no later than June 2027, with 2025 being a significant year for platform exits [5][7] - "Orderly" stresses the importance of avoiding chaotic exits that could lead to new risks, advocating for a categorized approach based on the specific circumstances of each platform [5][7] - "Effective" focuses on achieving genuine transformation post-clearance, ensuring that platforms can operate independently in the market and sever ties with government credit [6] Group 3: Challenges and Perspectives - The transition process for financing platforms faces significant challenges, particularly for counties and platforms lacking quality assets, making financing and industrial transformation difficult [4] - The determination to clear local financing platforms is underscored by the need to manage hidden debts effectively, as failure to do so could lead to their proliferation [4]