积极稳妥化解地方政府债务风险，“十五五”时期进入化债攻坚期

Core Points - The 20th Central Committee's Fourth Plenary Session emphasized the need to "actively and steadily resolve local government debt risks" as part of the economic and social development strategy for the 14th Five-Year Plan period [1][3][4] Group 1: Local Government Debt Management - The local government debt resolution efforts during the 14th Five-Year Plan have shown significant results, with over 50% reduction in hidden debt since the end of 2018 and more than 60% of financing platforms exiting [2][9] - The Fourth Plenary Session's statement on local government debt reflects a more concise approach compared to the previous session, indicating a continued focus on implementing specific measures within the established debt management framework [3][4] - The urgency of debt resolution tasks is heightened due to the two-year window before the 2027 target for eliminating hidden debts [2][5] Group 2: Future Outlook and Strategies - The 15th Five-Year Plan period is expected to be a critical phase for debt resolution, requiring consolidation of existing achievements and the establishment of long-term mechanisms [5][11] - Key strategies include maintaining debt resolution through development, enhancing comprehensive debt management mechanisms, and accelerating the clearance of government arrears to support economic circulation [5][10] - The government's total debt, including hidden debts, is projected to be manageable, with a debt-to-GDP ratio of 68.7%, indicating that risks are under control [10]