中经评论：构建政府债务管理长效机制

Group 1 - The central government has allocated 500 billion yuan from local government debt limits to support local economic development, which is expected to inject new momentum into the economy and help achieve this year's socio-economic development goals [1] - The total scale of government bonds this year has reached 11.86 trillion yuan, an increase of 2.9 trillion yuan compared to last year, indicating a more proactive fiscal policy [1] - The issuance of 8 trillion yuan in ultra-long-term special bonds will support 1,459 "hard investment" projects across various sectors, including new urbanization and social welfare [1] Group 2 - The implementation of a more proactive fiscal policy is expected to continue next year, with a focus on maintaining necessary spending intensity through various fiscal tools, including government bonds [2] - The "14th Five-Year Plan" suggests establishing a long-term mechanism for government debt management that aligns with high-quality development, emphasizing the need for effective management of government debt [2] - Optimizing the structure of government debt is crucial for enhancing fiscal sustainability, requiring a comprehensive assessment of debt repayment capacity and risk [2] Group 3 - Strengthening the management of bond issuance and usage is essential to improve the effectiveness of government bonds, with a focus on preventing inefficient investments [3] - There is a need to enhance the repayment mechanism for special bonds to ensure timely repayment and mitigate repayment risks [3] - Ongoing efforts to address hidden debts and prevent systemic risks are critical, with a call for improved monitoring and regulation of local government debt [3] Group 4 - A scientific management mechanism for government bonds will be established to better support national strategies and improve public welfare, contributing to stable economic growth [4]