Group 1 - The "Debt Resolution Policy" has made significant progress, with 2025 replacement bond issuance plans reaching CNY 19,042.34 billion, achieving 95.21% of the annual target [1][14] - Cumulative debt resolution funds since 2024 amount to CNY 63,225.88 billion, representing 51.4% of the hidden debt balance that needs to be resolved before 2028 [1][17] - Several regions, including Guangdong, Beijing, and Shanghai, have declared completion of the "full area hidden debt clearance" goal, with Inner Mongolia being the first to exit the key debt resolution provinces [1][18] Group 2 - The political bureau meeting on July 30 emphasized the need to actively and steadily resolve local government debt risks and strictly prohibit the addition of hidden debts [2] - By the end of 2024, it is expected that 40% of local government financing platforms will have exited the financing platform sequence, with a potential overall exit rate of 70-80% by the end of 2025 [2][10] - The progress in resolving operational debts is linked to the exit of financing platforms, with a projected 25% resolution rate by the end of 2024 [3] Group 3 - The transformation of urban investment is underway, driven by both policy direction and the subjective need for development and financing [4] - The overall progress of the "Debt Resolution Policy" indicates that the debt resolution cycle is in its latter half, with credit risks expected to remain controllable [5] Group 4 - The issuance of special new bonds and replacement hidden debt bonds has been significant, with CNY 8,505.78 billion disclosed for special new bonds in 2025 [1][14] - The "6+4+2" trillion debt resolution plan is the most substantial measure in recent years, aimed at addressing hidden debts and preventing local government debt risks [14][17]
“一揽子化债政策”提出已有两年，当前化债走到什么位置了？
Sou Hu Cai Jing·2025-08-19 05:24