沪市债券新语丨用行动找“答卷”，城投平台转型大幕已启

Core Viewpoint - The transformation of urban investment companies (城投公司) from government financing platforms to modern state-owned enterprises is accelerating, driven by policy changes and market pressures [1][2][5]. Group 1: Factors Driving Transformation - A total of 210 urban investment companies have shed their roles as local government financing platforms from January to August 2025 [1]. - Policy initiatives aimed at reducing local government hidden debt risks have mandated urban investment companies to divest their financing functions [1]. - Increasing financing pressures and regulatory constraints have compelled many urban investment companies to exit the platform model to access broader financing channels [1][5]. Group 2: Characteristics of Companies Exiting the Platform - Companies opting to exit the platform primarily hold credit ratings of AA and AA+ and are mainly at the county-level administrative tier [1]. - The majority of these companies are located in economically developed regions with stringent debt management, such as Jiangsu, Zhejiang, Chongqing, and Shandong [1]. Group 3: Market-Oriented Transformation - Urban investment companies must focus on sectors that directly create new growth points, moving beyond traditional infrastructure projects to modern service industries that enhance consumption and improve livelihoods [2]. - Successful examples of transformation include companies diversifying into advanced manufacturing and modern services, thereby shifting from passive development to proactive engagement in emerging industries [3]. Group 4: Enhancing Operational Capabilities - The key to successful transformation lies in improving the "self-sustaining" capabilities of urban investment companies, allowing them to operate independently of government support [4][6]. - Future strategies include strengthening data governance, enhancing collaboration with technology firms, and optimizing service ecosystems to stimulate market vitality [6]. Group 5: Policy Support for Transformation - Experts emphasize the need for clear and detailed transformation policies to guide urban investment companies [7]. - Recommendations include easing market financing restrictions, providing diversified financing channels, and favoring market-oriented urban investment companies in resource allocation for infrastructure projects [7].