专家：建议建立经济+社会效益评价体系 推动地方债提质增效

Core Viewpoint - The establishment of an economic and social benefit evaluation system is recommended to enhance the quality and efficiency of local government debt, emphasizing the importance of sustainable debt management in local debt development [1][5]. Group 1: Importance of Local Debt - Local debt plays an irreplaceable role in stabilizing the macro economy, facilitating government fiscal expenditure, and optimizing resource allocation [2]. - It serves as a primary channel for fiscal policy transmission, directing funds to the real economy, particularly in transportation and water conservancy sectors, thereby improving the economic development environment and stimulating investment [2]. - Local debt contributes to price discovery and resource allocation in the bond market, enhancing the efficiency of capital flow to higher-performing regions [2]. Group 2: Addressing Hidden Debt Risks - There is a growing concern about balancing the functions and risks of local debt, particularly regarding hidden debt risks that are not immediately visible [3]. Group 3: Policy Measures and Debt Management - The National People's Congress approved an increase of 6 trillion yuan in debt limits to replace local government hidden debts, which is seen as a timely policy intervention [4]. - As of August 2023, 4 trillion yuan of the newly added special debt limit has been issued, resulting in an average interest cost reduction of over 2.5 percentage points, saving more than 450 billion yuan in interest expenses [4]. - Over 60% of hidden debts from financing platforms are expected to be cleared by June 2025, highlighting the importance of financing platform reform in alleviating local debt pressure [4]. Group 4: Future Directions for Local Debt - The concept of debt sustainability should be central to local debt development, with a focus on aligning local debt with national strategies to ensure effective utilization and repayment [5]. - There is a need to maintain a dynamic balance between debt scale, economic growth, and fiscal capacity, avoiding disorderly expansion of local borrowing [5]. - Recommendations include enhancing regulatory mechanisms and establishing a dual-dimensional performance evaluation system that incorporates both economic and social indicators to drive improvements in local debt quality and efficiency [6].