财政部：超六成融资平台实现退出

Core Viewpoint - The Chinese government has implemented a series of debt management measures to effectively reduce local government debt risks while promoting economic development, with a focus on balancing debt reduction and growth during the "14th Five-Year Plan" period [1][2][3] Group 1: Debt Management Measures - A total of 6 trillion yuan in special debt limits was added, with 4 trillion yuan already issued by the end of August this year, leading to an average interest cost reduction of over 2.5 percentage points and saving over 450 billion yuan in interest expenses [1] - In 2023, new local government special bonds amounting to 2.78 trillion yuan have been issued, with 800 billion yuan allocated to support local debt reduction [1] Group 2: Economic Development and Debt Management - The dual approach of debt reduction and economic development has enhanced local development momentum, allowing local governments to allocate more resources to address economic challenges [2] - Over 60% of financing platforms are expected to exit by June 2025, indicating significant progress in reducing hidden debts [2] Group 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 debt-to-GDP ratio of 68.7%, which is considered manageable compared to G20 and G7 averages [2] Group 4: Future Debt Management Strategy - The government plans to continue implementing debt reduction measures, enhance debt management, improve the efficiency of bond usage, and strengthen risk monitoring to prevent new hidden debts [3]