地方政府融资平台加快出清，数量压降已超七成

Core Viewpoint - The rapid implementation of policies to mitigate hidden debt risks of local governments has led to a significant reduction in the number of local government financing platform companies, with projections indicating a decrease of over 70% by September 2025 compared to March 2023 [1][2]. Group 1: Policy Implementation and Impact - By the end of September 2025, the number of financing platforms and the scale of operating financial debt are expected to decrease by 71% and 62%, respectively, compared to March 2023 [1]. - The reduction of local government financing platforms is crucial for preventing local government debt risks and ensuring national fiscal security [2]. - The central government has initiated a comprehensive cleanup of local government financing platforms, which have historically contributed to the rapid growth of hidden debts due to excessive borrowing and mismanagement [2][3]. Group 2: Historical Context and Legislative Changes - Before the implementation of the new budget law in 2015, local governments lacked the legal authority to issue bonds, leading to the establishment of financing platforms to fund public projects [3]. - The new budget law allowed local governments to issue bonds, making the existence of most financing platforms unnecessary [3]. - The central government has set a target to complete the cleanup of local government financing platforms by the end of 2028, with a focus on transforming platforms with industrial operations into general state-owned enterprises [4]. Group 3: Debt Management Strategies - In July 2023, the central political bureau meeting mandated the formulation of a comprehensive debt resolution plan, allocating over 2.2 trillion yuan for local governments to address existing debt risks [3]. - By the end of 2023, the hidden debt recorded in the government debt information platform had decreased by 50% compared to the baseline established in 2018 [3]. - The central government plans to issue 10 trillion yuan in government bonds from 2024 to 2028 to replace existing hidden debts, with over 5 trillion yuan already issued [4]. Group 4: Future Directions and Market Implications - The central government's policies emphasize not only the resolution of existing hidden debts but also the prevention of new hidden debts, making the clearance of financing platforms essential [4][5]. - The ongoing efforts to close the "back door" for local debts are complemented by an increase in legal borrowing avenues, with the central government increasing its debt issuance [5]. - The issuance of local government bonds has reached record levels, with 4.4 trillion yuan in new special bonds planned for this year [5].