财政部新设债务管理司 北大教授许云霄：推动政府债务管理从分散走向统一

Core Viewpoint - The establishment of the Debt Management Division by the Ministry of Finance is a key measure to implement a long-term government debt management mechanism that aligns with high-quality development during the 14th Five-Year Plan period [1][6]. Group 1: Establishment of the Debt Management Division - The Debt Management Division has been added to the Ministry of Finance's organizational structure, indicating a shift towards centralized management of government debt [1][2]. - Prior to the establishment of this division, government debt management functions were dispersed across various departments, leading to inefficiencies and high coordination costs [5][6]. - The new division will unify the management of central and local, explicit and implicit, domestic and foreign debts, enhancing management efficiency and professionalism [7][8]. Group 2: Responsibilities and Functions - The main responsibilities of the Debt Management Division include formulating and executing domestic debt management policies, managing government debt issuance and repayment, and monitoring hidden debt risks [6][7]. - The division is structured to cover all aspects of debt management, creating a closed-loop management system that includes regulation, issuance, usage, repayment, monitoring, and accountability [7][8]. Group 3: Future Expectations - The establishment of a unified management body is expected to facilitate a sustainable path towards "debt management in development" by creating a long-term mechanism and dynamic debt monitoring system [8][9]. - There is an emphasis on linking local government debt with land transfer income and state-owned asset operation revenues, exploring mechanisms that determine spending based on income and effectiveness [9][10]. - The division aims to strengthen collaboration between central and local debt management institutions, forming a vertical management chain [10].