时报观察 | 完善机制强化协同 政府债务治理升维正当时

Core Viewpoint - The establishment of the "Debt Management Department" by the Ministry of Finance signifies a dedicated approach to managing government debt, addressing the increasing scale of debt and the associated risks [1][2]. Group 1: Government Debt Management - The new department will unify the management of various government debt instruments, including national bonds, special bonds, and local government bonds, enhancing policy coordination [1]. - As of the end of 2024, the total legal government debt balance is projected to reach 82.1 trillion yuan, with local government hidden debt at 10.5 trillion yuan, indicating a significant scale of government liabilities [1]. - The establishment of a specialized agency reflects the need for improved oversight and management of government debt, particularly in light of rising debt levels and the challenges posed by insufficient effective demand in the economy [1][2]. Group 2: Debt Management Mechanism - The current debt management mechanism is not fully developed, leading to the emergence of new hidden debts and the persistence of borrowing through financing platforms [2]. - The Ministry of Finance aims to create a long-term regulatory mechanism for government debt management, focusing on transparency, lower costs, and a steady pace of debt management [2]. - Key tasks include eliminating local government hidden debt, reforming financing platforms, and establishing a comprehensive monitoring and regulatory system for local debt [2].