融资平台出清冲刺，地方政府能戒隐债否？

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing hidden debts and the implementation of regulatory measures [2][5][18]. Summary by Sections Financing Platform Exit Progress - As of mid-2025, local governments are required to eliminate financing platforms and hidden debts by June 2027, with significant progress already made, including over 60% of financing platforms having exited [3][7]. - The Ministry of Finance reported a reduction of over 7,000 financing platforms, indicating a substantial effort to address hidden debts [7]. Challenges in Debt Management - The most significant challenge in the exit process is finding incremental funding to repay existing debts, as previous policies have not fully covered the risks associated with hidden debts [4][10]. - Local governments are increasingly dependent on financing platforms to meet rigid expenditure needs, shifting from infrastructure funding to covering essential expenditures [18]. Debt Transformation Strategies - Local governments are exploring debt transformation strategies, converting hidden debts into operational debts, which requires convincing creditors to accept these changes [11][12]. - Various methods for debt resolution include fiscal debt management, financial restructuring, and asset utilization to generate revenue for debt repayment [15][16]. Regulatory Environment and Future Outlook - The central government emphasizes the need for a thorough separation of financing functions from local governments to prevent the re-emergence of hidden debts [19][20]. - There is a call for clearer guidelines from the central government to assist local finance departments in managing debt effectively and preventing future hidden debt accumulation [20].