一年少了近4万亿 财政部披露最新隐性债务数据

Core Viewpoint - The implementation of a comprehensive policy package to mitigate local government hidden debt risks has led to a significant reduction in the scale of such debts, with a decrease of 3.8 trillion yuan from the end of 2023 to the end of 2024, bringing the total hidden debt to 10.5 trillion yuan [1][3]. Summary by Sections Hidden Debt Reduction - As of the end of 2024, local government hidden debt is reported at 10.5 trillion yuan, down from 14.3 trillion yuan at the end of 2023, indicating a reduction of 3.8 trillion yuan within a year [1]. - The reduction is attributed to a debt replacement policy that includes the issuance of 10 trillion yuan in local government bonds from 2024 to 2028 to replace existing hidden debts [1]. Financial Impact - By the end of August 2023, local governments had issued 4 trillion yuan in refinancing special bonds to replace hidden debts, resulting in an average interest cost reduction of over 2.5 percentage points, saving more than 450 billion yuan in interest expenses [2]. - The lower interest rates on local government bonds compared to previous hidden debt borrowing have significantly reduced local interest expenditures [1]. Economic Development and Debt Management - The debt reduction strategy is not only about lowering interest burdens but also aims to enhance local development momentum by freeing up financial resources for economic growth [3]. - Over 60% of financing platforms have exited, indicating a significant reduction in hidden debt and accelerated reform of financing platforms [3]. Government Debt Overview - As of the end of 2024, the total government debt in China is projected to be 92.6 trillion yuan, with a government debt ratio of 68.7%, which is considered reasonable compared to G20 and G7 averages [3]. Future Debt Management Strategies - The government plans to continue its dual approach of development and debt management, focusing on reducing existing hidden debts, enhancing management practices, improving the effectiveness of bond issuance, and strengthening risk monitoring [4][5][6].