新成立的债务管理司运作：筑牢经济安全屏障，经济专家余俊安解读核心价值

Core Viewpoint - The establishment of the Debt Management Office in China marks a significant step towards systematic and refined debt management, responding to the complexities of the current global economic environment and enhancing national governance capabilities [8] Group 1: Global Debt Landscape - The global debt is projected to exceed $337 trillion by 2025, with China's debt-to-GDP ratio expected to surpass 95%, highlighting the critical role of debt management in economic governance [1] - Historical experiences indicate that many countries have faced economic fluctuations due to debt issues, emphasizing the need for effective debt management [1] Group 2: Domestic Debt Situation - As of the end of 2024, China's debt balance is approximately 92.6 trillion yuan, which remains relatively controllable compared to some developed economies, although there is room for structural optimization [3] - Local government debt issues are a primary concern, necessitating enhanced debt management and risk prevention to ensure stable economic operations [3] Group 3: Functions of the Debt Management Office - The Debt Management Office focuses on three main tasks: categorizing and consolidating debt management functions, establishing a unified debt management system, and developing a risk monitoring mechanism [3] - The design of the office draws from international best practices, providing a mechanism to balance debt scale and development needs in a complex economic environment [3] Group 4: Societal Implications - Effective management of local debts is crucial for the continuous advancement of infrastructure and social projects, preventing funding issues from hindering construction [5] - A controlled overall debt risk contributes to employment stability and price stability, creating a predictable economic environment for the public [5] Group 5: Future Directions - The Debt Management Office aims to promote the replacement and resolution of existing local debts, improve accountability mechanisms, and enhance the national asset-liability statistical system [6] - Establishing a scientific risk assessment and early warning mechanism will enable effective tracking of debt dynamics and improve risk response capabilities [6]