财政部新设债务管理司

Core Viewpoint - The establishment of the Debt Management Department within the Ministry of Finance aims to enhance government debt management mechanisms, ensuring alignment with high-quality development and risk prevention in local government debt [3][4]. Group 1: Debt Management Structure - The Debt Management Department is now officially listed as a department within the Ministry of Finance, led by Director Li Dawei and supported by Deputy Directors Qu Fuguo and Zhao Zeyong [1]. - The department consists of six divisions: Comprehensive Division, Central Debt Division, Local Debt Division I, Local Debt Division II, Issuance and Payment Division, and Monitoring Management Division [1]. Group 2: Responsibilities and Goals - The primary responsibilities of the Debt Management Department include formulating and executing domestic government debt management policies, managing both central and local government debt, and monitoring government debt to mitigate hidden risks [3]. - The goal is to establish a long-term debt management mechanism that aligns with high-quality development, which is essential for preventing local government debt risks and achieving the objectives of the "14th Five-Year Plan" [3]. Group 3: Current Debt Situation - As of the end of 2024, China's total government debt is projected to reach 92.6 trillion yuan, comprising 34.6 trillion yuan in national debt, 47.5 trillion yuan in local government legal debt, and 10.5 trillion yuan in local government hidden debt, resulting in a government debt ratio of 68.7% [3]. - The overall debt ratio is considered reasonable, with the government debt corresponding to substantial quality assets, indicating that risks are manageable [3]. Group 4: Future Initiatives - The Ministry of Finance plans to continue enhancing the management of local government debt limits, ensuring sustainable borrowing and repayment practices [4]. - Li Dawei announced that 500 billion yuan will be allocated from the existing local government debt limits to support local governments in addressing existing project debts and enhancing fiscal capacity [5]. - The Ministry will also focus on implementing a series of supportive policies, including debt replacement policies, to stimulate economic growth and ensure financial stability [5].